BONDHOLDER MEETING

Reference is made to the 31 January 2012 summons to a Bondholder Meeting in Petrolia ASA. The minutes of the Bondholder Meeting is enclosed.

The company is pleased with as much as NOK 69.5 million of the bond, representing 38.83 per cent of the bond present at the Bondholder Meeting, voted in favour the proposal, even though an amendment requires 2/3 of the votes in favour of the proposal.

The balance of the bond is NOK 344.5 million, of which Petrolia ASA owns NOK 139.5 million. The borrower is not voting in the Bondholder Meeting. Including the company´s holdings, 65.62 per cent of the bond would have supported the amendment.

Petrolia ASA has entered a process of evaluation to partly or wholly sell the company´s own bonds in the market, or to issue a new bond where current and existing bondholders are invited.

Bergen, 9 February 2012.

For additional information, please contact

Kjetil Forland

Managing director

Petrolia ASA

Phone: +47 93 24 00 27

Mail: kjetil.forland@petrolia.no

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well Technology and Oilfield Services 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, subject to a final governmental approval. 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.

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)