MANDATORY NOTIFICATION OF TRADE

Thu, Oct 30, 2008 08:53 CET

Norwegian Oil Company AS, 100% controlled by Mr. Lars Moldestad, Managing Director of Petrolia Drilling ASA, has on 29 October 2008 bought 1.200.000 shares in Petrolia Drilling ASA at a price of NOK 0,801 per share.

Following this transaction Mr. Moldestad controls 3.203.201 shares in Petrolia Drilling ASA, representing a total of 0,32% of the shares outstanding in Petrolia Drilling ASA.

Bergen/Oslo, 30 October 2008.