Fractional shares have been given to charity

Reference is made to the completion of the cross-border merger and chapter 3.3.4 in the information memorandum dated 25 October 2012.

The exchange was set to 1 new share per 11.10547 old shares and no fractional shares would be issued. Initially the fractional shares were supposed to be added to whole shares and sold in the marked and the proceeds to be paid pro rata to the shareholders.

After considering the small amounts pr shareholder (max NOK 7 per shareholder) and the transaction costs involved the company has embraced a proposal of giving these 1 364 shares to the Red Cross. Any shareholder who wants the value of their fractional shares paid in cash are kindly asked to contact the company.

Bergen/Limassol, 30 October 2012

Contact:   Sølve Nilsen, Finance manager - solve.nilsen@petrolia.no