COMPLETION OF CROSS-BORDER MERGER

The cross-border merger between Petrolia ASA and Petrolia E&P Holdings Plc, resulting in the creation of Petrolia E&P Holdings SE (the "Merger") has been completed today, 26 October 2012. The first day of trading of Petrolia E&P Holdings SE shares is expected to be Monday 29 October 2012.

The Merger was completed through registration with the Department of Registrar of Companies and Official Receiver in Cyprus. Petrolia ASA will shortly be deregistered from the Norwegian Register of Business Enterprises.

Petrolia E&P Holdings SE is a SE company registered under the laws of the Republic of Cyprus under registration number SE 14. The share capital of Petrolia E&P Holdings SE following the Merger is USD 27 235 867, comprising 27 235 867 shares with a par value of USD 1 each. The ISIN code for the shares of the Company is CY0102630916 and the ticker code on Oslo Stock Exchange will continue to be "PDR".

Each of the shareholders in Petrolia ASA will receive shares in Petrolia E&P Holdings SE based on their shareholdings registered in the Norwegian Central Securities Depository (VPS) at the end of today (26 October 2012). The Petrolia E&P Holdings SE shares will be delivered to the shareholders via the VPS on 29 October 2012. Reference is made to the Company's stock exchange notice 23 October 2012 for further details about the issuance of consideration shares.

As at 23 October 2012 the market cap of Petrolia ASA was NOK 196 351 001 and the Company expects trading to start at NOK 7.21 per share on Monday 29 October 2012.

For additional details about the Merger, please refer to the information memorandum published by the Company earlier today.

Contact persons:

Managing director, Kjetil Forland, +47 93 24 00 27

Finance manager, Sølve Nilsen, +47 95 17 92 69

This information is subject of the disclosure requirements in Norwegian Securities Trading Act § 5-12.