Petrolia ASA - Information regarding Listing of Subscription Rights

Petrolia ASA (the ”Company”) – A public limited liability company organised under the laws of Norway

Reference is made to the stock exchange notice dated 27. June 2011 and the Board of Directors’ resolution to carry out a Rights Issue of up to 50,629,837 New Shares at a Subscription Price of NOK 0.50 per New Share, with Subscription Rights for Existing Shareholders as of the end of 27. June 2011. Reference is further made to the stock exchange notice dated 3. August 2011 that the Financial Supervisory Authority of Norway has approved the Prospectus for the Rights Issue.

Existing Shareholders of the Company as of the end of 27. June 2011 will receive one Subscription Right for every two shares in the Company held as of the end of 27. June 2011. The number of Subscription Rights granted to each Existing Shareholder will be rounded down to the nearest whole Subscription Right. The holders of Subscription Rights will be entitled to subscribe for and be allocated one New Share for every Subscription Right held. The Subscription Rights will be registered on each Existing Shareholder's account in the VPS. Oversubscription and subscription without Subscription Rights is permitted.

Subscription period:From and including 9. August 2011 to 23. August 2011 at 17:30 hours CET.

Trading in subscription rights:

From and including 9. August 2011 to 18. August 2011 at 17:30 hours CET.

IT IS EXPECTED THAT THE SUBSCRIPTION RIGHTS WILL BE OF ECONOMIC VALUE. SUBSCRIPTION RIGHTS NOT USED TO SUBSCRIBE FOR NEW SHARES BEFORE THE END OF THE SUBSCRIPTION PERIOD OR NOT SOLD BEFORE 18 AUGUST 2011 AT 17:30 HOURS CET WILL LAPSE WITHOUT COMPENSATION AND CONSEQUENTLY BE OF NO VALUE.

The Rights Issue is not underwritten. The Company refers to the Prospectus Section 4.3.1 where it is stated that “The Board may, at its discretion, decrease the number of New Shares allotted to the Offering, when allocating New Shares, in order to obtain the best possible result for the Company in light of the subscriptions received” … and “Completion of the Rights Issue is conditional on the Company having approved the allocation of the New Shares”.

Irrespective of the wording in Section 4.3.1 of the Prospectus, the Company wants to clarify that investors subscribing for New Shares based on Subscription Rights, will get New Shares allocated based on their Subscriptions Rights in accordance with the Allocation Principles set forth in Section 4.3.6 of the Prospectus.

The Manager of the Rights Issue is First Securities AS. The prospectus together with subscription form will be available on the following web sites: www.petrolia.no or www.first.no

The prospectus together with subscription form will also be available free of charge at the business offices of Petrolia ASA and First Securities AS.

For further information, please contact Mr. Kjetil Forland, Managing Director, e-mail:Kjetil.forland@petrolia.no

Petrolia ASA - Bergen/Oslo, 9. August 2011