Final results of the Rights Issue

Petrolia ASA (the ”Company” or “PDR”) – A public limited liability company organised under the laws of Norway.

The subscription period in the rights issue in Petrolia ASA expired at 17:30 (Oslo time) on 23 August 2011. The final results show that Petrolia ASA at the end of the subscription period had received subscriptions for a total of 172 368 777 new shares. 50,629,837 new shares were offered, and the rights issue was thus oversubscribed by approximately 240%.

The Board of Directors of Petrolia ASA has today, 25 August 2011, resolved the final allocation of the shares to be issued in the rights issue, based on the allocation criteria set out in the prospectus. A total of 50,629,837 new shares have been allocated, of which approximately 34 million new shares have been allocated to subscribers on the basis of exercised subscription rights and approximately 17 million new shares have been allocated to holders of subscription rights as a result of oversubscription.

Notifications of allocated new shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed in letters today, 25 August 2011. The payment for the new shares falls due on 30 August 2011 in accordance with the payment procedures described in the prospectus.

Through the rights issue, Petrolia ASA will receive proceeds amounting to approximately NOK 25 million before deduction of transaction costs.

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 2 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 September 2011.

The share capital of Petrolia ASA will as a consequence of the rights issue be increased with NOK 2,025,193.48 by issue of 50,629,837 new shares. Following registration of the share capital increase, the share capital of Petrolia ASA will be NOK 6,075,580.48 divided into 151,889,512 shares.

First Securities AS acts as manager for the rights issue.

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

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