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DISCLOSURE OF MAJOR SHAREHOLDING

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Larsen Oil & Gas AS, a company controlled by the Chairman of Petrolia ASA, Berge Gerdt Larsen has on the 7th of March 2012 bought 7,000,000 shares in Petrolia ASA.

Following the transaction Larsen Oil & Gas AS and related parties controls 26,914,220 shares in Petrolia ASA, which equals 16.11% of issued shares in the company.

Bergen/Oslo, 8 March 2012