COMPLETION OF USD 50 MILLION INVESTMENT IN DEEPWATER DRILLER LTD.

Reference is made to the announcement by Petrolia Drilling ASA on 24 March 2010 regarding the Songa Offshore’s USD 50m equity investment in Deepwater Driller Ltd. Petrolia Invest AS - a 100% owned subsidiary of Petrolia Drilling ASA is pleased to announce that the Investment was completed today, 16 April 2010, in accordance with the terms of the Heads of Agreement entered into between Songa Offshore and the shareholders of Deepwater Drilling Ltd. Following the Investment, Petrolia Drilling's ownership in the Rig will be 20.6%. For further information, please contact: Bernt Skeie, CEO: bernt.skeie@petrolia.no Bergen/Oslo, 16 April 2010