MANDATORY NOTIFICATION OF TRADE

Larsen Oil & Gas AS, a company controlled by the Chairman of Petrolia ASA, Berge Gerdt Larsen, has on the 7th of March 2012 bought 7,000,000 shares in Petrolia ASA from a company not controlled by the Chairman. The consideration for the shares is NOK 0.68 per share based on the weighted average price of shares traded on the 7th of March 2012.

Following the transaction Larsen Oil & Gas AS and related parties controls 26,914,220 shares in Petrolia ASA, which equals 16.11% of issued shares in the company.

Bergen/Oslo, 8 March 2012