PETROLIA DRILLING ASA - CONTEMPLATED DIRECTED BOND ISSUE

Petrolia Drilling ASA (the Company) is planning to
issue a new senior unsecured bond with expected
gross proceeds of maximum NOK 500 million. The net
proceeds from the new bond issue will be used for
(i) early redemption of the existing PDR03 bond
(NOK 250 million outstanding) according to
prevailing call options under the PDR03 bond, and
(ii) for general corporate purposes which may
include investments in other companies / assets
within the oil/offshore sector. Early redemption of
PDR03 is subject to the new bond being fully
subscribed. Settlement of the new bond is expected
to be ultimo June 2008, and the new bond will
mature in June 2012.

In the Company`s opinion, the refinancing of PDR03
will result in an improved capitalization of the
Company and strengthen the Company`s long term
financing.

Petrolia Drilling ASA has given Pareto Securities
AS a mandate as arranger of the new bond issue.

For further information, please contact : Mr. Lars
Moldestad: +47 906 99 197.


Bergen/Oslo , 29 May 2008
Petrolia Drilling ASA, Board of Directors