Final result of Private Placement towards Employees and Board

Reference is made to the disclosure issued on 5 september 2011.

The Board of Directors of Petrolia ASA has resolved the final allocation of the 15 188 951 shares to be issued in the announced private placement.

In total 22 employees and board members subscribed. The payment (NOK 7 594 475.50) for the new shares falls due on 15 september 2011.

The new shares may not be transferred or traded before they are fully paid and the share capital increases have been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase pertaining to the new shares will be registered in the Norwegian Register of Business Enterprises on or about 30 September 2011 and that the new shares, subject to due payment, will be transferred to the VPS accounts of the subscribers and admitted to trading on Oslo Børs on 5 October 2011.

The share capital of Petrolia ASA will as a consequence of the rights issue be increased with NOK 607 558.04 by issue of 15 188 951 new shares. Following registration of the share capital increase, the share capital of Petrolia ASA will be NOK 6 683 138.52 divided into 167 078 463 shares.

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

Contact: Kjetil Forland, Managing Director, e-mail: kjetil.forland@petrolia.no