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Buyback of Bonds

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On  21, November 2011, Petrolia ASA bought back NOK 139 500 000 of outstanding bond at 95% + accured interest.

Following the completion of the buy back NOK 344.5 million of Bonds remain outstanding (of which Petrolia ASA owns 139 500 000).

The Bonds are listed at Oslo ABM with ISIN number NO 0010440258.

Bergen/Oslo, 21. November 2011

Contactpersons:

Mr. Kjetil Forland - Managing Director, e-mail:kjetil.forland@petrolia.no

Mr. Sølve Nilsen - Finance Manager, e-mail: solve.nilsen@petrolia.no