ANNUAL GENERAL MEETING 29 JUNE 2010
Refer to the stock exchange notices on the 08 June 2010 attached the Notice and Agenda for the Annual General Meeting in Petrolia Drilling ASA.
The Annual General Meeting has been completed and all items on the agenda were approved.
Board of Directors :
After the election The Board of Directors shall be composed as follows :
Berge Gerdt Larsen, Chairman
Erik J. Frydenbø, Deputy Chairman
Marit Instanes, Board Member
Sjur Storaas, Board Member
Unni F. Tefre, Board Member.
After the completed General meeting the Board of Directors decided to appoint Marit Instanes and Erik J. Frydenbø as member of the Audit committee.
Reverse split of shares :
Following resolution was passed in the Annual General Meeting :
"A reverse split of the company's shares is to be performed so that 10 shares at NOK 0,50 are combined to 1 share at NOK 5, and the composition of the share capital of the company shall be changed from 1 012 596 750 shares at NOK 0,50 to 101 259 675 shares at NOK 5.
The reverse split shall be completed so that 29 June 2010 shall be the last day of trading before the reverse split."
It was stated that shareholders who, at the time of the reverse split, do not own a number of shares divisible by 10, would receive shares free of charge from Independent Oil & Resources ASA so that all shareholders will obtain a holding of shares which is divisible by 10.
Petrolia Drilling ASA
Bergen/Oslo, 29 June 2010
This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)