DISCLOSURE AND MANDATORY NOTIFICATION OF TRADE

Fri, Mar 26, 2010 08:52 CET

Larsen Oil & Gas AS has on the 25th of March sold 55,000,000 shares in Petrolia Drilling ASA at a price of NOK 0.325 per share. Following this transaction Larsen Oil & Gas AS and related parties controls 122.352.018 shares in Petrolia Drilling ASA, which equals 12.08% of issued shares in the company. Bergen/Oslo, 26 March 2010