LARSEN RIG - TERMINATION OF MANAGEMENT AGREEMENTS

The Board of Directors of Larsen Rig Ltd. has informed Larsen Oil & Gas that (i) the Project Management and Yard Supervision Agreement between Larsen Rig Ltd. and Larsen Oil and Gas Pte Ltd (Singapore), and (ii) the Management Agreement between Larsen Rig Ltd. and Larsen Oil and Gas Limited (Aberdeen, UK) have been terminated. Petrolia Drilling ASA owns 30% of Larsen Rig Ltd. In addition, the Board of Directors of Larsen Rig Ltd. has decided to change the name of Larsen Rig Ltd. to Deepwater Driller Ltd. For further information, please contact Mr. Bernt Skeie, CEO : e-mail : bernt.skeie@petrolia.no. Oslo, 08 February 2010 Board of Directors