DISCLOSURE OF MAJOR SHAREHOLDING

Larsen Oil & Gas AS, a company controlled by Berge Gerdt Larsen, has today acquired a total of 253,000,000 shares in Petrolia Drilling ASA (”PDR”) to a price of NOK 0.2767 per share, constituting a total of 24.99% of the share capital of PDR. Increased Oil Recovery AS ("IOR") and other, parent company of Larsen Oil & Gas AS owns approx. 4,352,018 PDR shares. Total controlled shares 25.42%. Increased Oil Recovery AS owns 36.28% of Independent Oil & Resources ASA owning 197,500,000 shares or 19.50% in PDR. The percentage has been calculated based on 1,012,596,745 issued shares in PDR. This notification has been made in accordance to the Norwegian Securities Trading Act §4-2. Bergen, 16 March 2010.