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DISCLOSURE OF MAJOR SHAREHOLDING AND MANDATORY NOTIFICATION OF TRADE

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Larsen Oil & Gas AS, a company controlled by closely related party of the Chairman of Petrolia ASA, Berge Gerdt Larsen, has on the 07th of June bought 37.000.000 shares in Petrolia ASA at a price of NOK 0,60 per share from a company not controlled by the Chairman of Petrolia ASA. 

Following this transaction Larsen Oil & Gas AS and closely related parties controls 63.914.220 shares in Petrolia ASA, which equals 21,16% of issued shares in the company.   

Bergen/Oslo, 07 June 2012 

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)