Correction - PETROLIA NORWAY AS APPROVED NCS LICENSEE

The Ministry of Petroleum and Energy has approved Petrolia Norway AS, a subsidiary of Petrolia ASA, as a licensee on the Norwegian Continental Shelf.

- We are pleased by being approved as a licensee on the Norwegian Continental Shelf, leveraging on the extensive upstream industry experience of the Petrolia Norway team, using a combination of innovative exploration tools, technology and competence. We consider the NCS to be one of the world´s most exciting and promising E&P areas. Petrolia Norway currently holds 10 per cent of the PL356 license, subject to governmental approval, serving as the first step towards building a true independent oil and gas company, says Managing Director Kjetil Forland in Petrolia ASA.

The Ulvetanna prospect is located in block 3/4 in the production license 356 in the southern North Sea, and is scheduled to be drilled in July 2012. The main objectives for the drilling are the Ekofisk and Tor formations. The well will be drilled to a depth of approximately 3,000 meters with the jack-up rig Mærsk Guardian. Det norske oljeselskap ASA is the operator for the PL 356 license with a 50 per cent stake, Repsol holds a 40 per cent stake and Petrolia Norway holds the remaining 10 per cent of the license. The Ulvetanna transaction is subject to governmental approval following Petrolia Norway being approved as a NCS licensee.

- Petrolia Norway will create value through exploration and by expanding its´ portfolio by participating actively in concession rounds and by farming into existing licenses. The company will evaluate and access producing fields to maximize field potential through increased oil recovery, says Vidar Bergo Larsen, Managing Director of Petrolia Norway AS.

Bergen, 7 February 2012

For further information, please contact:

Vidar Bergo Larsen

Managing Director

Petrolia Norway AS

Phone: +47 90 86 60 41

E-mail: vidar.bergo.larsen@petrolia.no

Kjetil Forland

Managing Director

Petrolia ASA

Phone: +47 93 24 00 27

E-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 activities include Petrolia Norway AS, an independent oil & gas company qualified as a licensee on the Norwegian Continental Shelf. The company currently holds 10 per cent of the PL356 license, which includes the Ulvetanna prospect, subject to 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.