ENTERS INTO LOI FOR TWO LAND RIGS

Petrolia ASA has entered into a letter of intent to acquire (i) two land rigs with associated equipment and (ii) an equipment package from Independent Oil & Resources ASA, the main shareholder in Petrolia ASA, for NOK 74 million. The transaction will be financed by issuing 135 million new shares in Petrolia ASA to Independent Oil & Resources ASA at NOK 0.55 per share and is subject to the approval of the company´s extraordinary general meeting. Please see attachment for further information.

Bergen, 22 September 2011

Contact persons:

Managing director, Kjetil Forland (kjetil.forland@petrolia.no), +47 93 24 00 27

Finance manager, Sølve Nilsen (solve.nilsen@petrolia.no), +47 95 17 92 69

This information is subject of the disclosure requirements in Norwegian Securities Trading Act § 5-12.


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