EXTRAORDINARY GENERAL MEETING 8 MARCH 2010

Reference is made to the summons to an extraordinary general meeting in Petrolia Drilling ASA on 8 March 2010, to item 4 on the agenda and to the stock exchange notice of 15 February 2010. Independent Oil & Resources ASA (IO&R) has demanded that an extraordinary general meeting be held for the purpose of electing a new board of directors. The board does not have a nomination committee, and the board has contacted IO&R, which owns about 20 % of the shares, and requested information on which board members they intend to propose for election. IO&R is a company which can be regarded as related to Larsen Oil & Gas AS (LOG), which is the manager of the company. As previously announced, the management agreement has been terminated by the company. The board has proposed that IO&R should be given one seat in the board, and the board has proposed that one of the current members withdraw. Board member Unni F. Tefre is employed by LOG and is regarded not to be independent (cf. the recommendation section 8) of IO&R since Berge Gerdt Larsen is the principal owner, directly and indirectly, of both companies. IO&R has not wished to discuss the matter with the board. With reference to the Norwegian Corporate Governance Recommendation section 8, the board strongly regrets the incurred situation. The term for all board members will expire at the ordinary annual general meeting scheduled for 16 June 2010. According to the recommendation Section 8 (2), the board should be composed in a manner facilitating independence from special interest. The board is concerned about the way in which the board election is being conducted, and it is therefore the intention of the board to remain in position until the annual general meeting. The board will constitute an informal nomination committee with the mandate to propose persons to be elected at the ordinary general meeting. The board of Petrolia Drilling ASA Bergen/Oslo, 2 March 2010