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DISCLOSURE OF MAJOR SHAREHOLDING

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Larsen Oil & Gas AS has on the 22nd of March sold 80.000.000 shares in Petrolia Drilling ASA at a price of NOK 0.31 per share. Following this transaction Larsen Oil & Gas AS owns/controls 177.352.018 shares in Petrolia Drilling ASA, which equals 17,51% of issued shares in the company. Bergen/Oslo, 23 March 2010