Increase of share capital and change in board

Reference is made to the stock exchange notice of 5 September 2011 regarding the resolution to issue 15 188 951 new shares in Petrolia ASA. The issue was fully subscribed and 15 188 951 new shares were allocated by the board of directors on 8 September 2011, ref. stock exchange notice of 9 September 2011. The new shares have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises per 19. September 2011. Petrolia ASA`s new share capital is NOK 6 683 138,52.

Marit Instanes has in agreement with the Company decided to step down from the board of the Company with immediate effect.

"We would like to thank Marit for her dedication and excellent service as a director of the revitalized Petrolia and wishes her all the best going forwards", says Berge Gerdt Larsen, chairman of Petrolia ASA.

Contact persons:

Managing director, Kjetil Forland, kjetil.forland@petrolia.no

Finance manager, Sølve Nilsen, solve.nilsen@petrolia.no

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

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well Technology and Oilfield Services and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company aiming at being prequalified as a licensee on the Norwegian Continental Shelf within 2011. The company currently holds 10 per cent of Ulvetanna. In addition, Petrolia ASA owns Petrolia Services AS, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.