DISCLOSURE AND MANDATORY NOTIFICATION OF TRADE

Larsen Oil & Gas AS has on the 30th of March sold 60,000,000 shares in Petrolia Drilling ASA at a price of NOK 0,32 per share. Following this transaction Larsen Oil & Gas AS and related parties controls 62.352.018 in Petrolia Drilling ASA, which equals 6.15% of issued shares in the company. Bergen/Oslo, 30 March 2010