BONDHOLDER APPROVAL OF AMENDMENT PROPOSAL

The Bondholder Meeting of Petrolia ASA (Petrolia) approved to amend the bond agreement for ISIN NO0010440258, including an extension of the maturity date from 20 June 2012 to 19 June 2015. The bondholders will receive an interest of 12 per cent and an incentive fee of 1% of par value.  In addition, Petrolia is aiming at facilitating an accelerated redemption of the minority bondholders´ holdings.

- Petrolia welcomes the approval of the amendment from a majority of the shareholders. We believe the interest of 12 % is attractive, in addition to the incentive fee of 1 % of par value. With the solid EBITDA-development in the OilService subsidiary IOT Group and a refinanced balance sheet, we are looking forward to developing our E&P unit Petrolia Norway and creating value for the stakeholders in Petrolia. Additionally, we will propose to the minority of the bondholders that voted against the amendment to facilitate an accelerated redemption of their holdings, says Kjetil Forland, Managing Director of Petrolia.

The bond has a balance of NOK 344 500 000 and an interest of 12 per cent. The new maturity date is 19 June 2015. Petrolia has no other long-term outstanding debt. NOK 242.5 million of the bond, representing 72.6 per cent of the bond present at the Bondholder Meeting, voted in favour the proposal. 96.95 per cent of the total bond was present at the meeting.

Petrolia will enter into a process with the minority bondholders of facilitating a buy back of their holdings in equal parts 20 June 2012, 20 June 2013 and 20 June 2014. The interested bondholders are encouraged to contact Petrolia.

The minutes for the Bondholder Meeting is enclosed.

Bergen/Oslo, 7 June 2012.

For additional information, please contact:

Kjetil Forland                                                                                     Sølve Nilsen

Managing Director                                                                           Finance Manager

Petrolia ASA

Phone: +47 93 24 00 27                                                                  +47 951 79 269

Mail: kjetil.forland@petrolia.no                                                         solve.nilsen@petrolia.no

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf. The company holds 10 per cent of the Ulvetanna prospect and 30 per cent of PL 506S, PL 506BS, PL 506CS and 506DS. In addition, Petrolia ASA owns Petrolia Services AS, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.