PETROLIA DRILLING ASA - PRELIMINARY RESULT AS PER HALF YEAR 2009

Financial summary • Petrolia Drilling ASA had a net result after tax of USD -44.5 million including an unrealized currency loss of USD -45.2 million for the first half of 2009. Net result after tax for the second quarter was USD -2.6 million including an unrealized currency loss of USD 17.6 million. • Revenues and operating profit before depreciation for Petrolia Services (100% owned subsidiary) for the first half year 2009 was USD 32.2 million and USD 14.6 million respectively. Petrolia Services is an International Oilfield Service Company offering rental equipment for oil and gas industry. Book value of drilling equipment as of 30 June 2009 is USD 144.5 million (depreciated over five years). • Operating profit before depreciation for Venture Drilling (50% owned) was USD 52.0 million for the first half year 2009. Net result after tax was USD 34.5 million. During 2009 Venture Drilling is expected to perform in line with first half year going forward. • The associated company Petrojack (39.95% owned by Petrolia Drilling ASA) owns Petrojack IV, which commenced on contract the 23rd of January 2009. Operating profit before depreciation for Petrojack was USD 5.1 million in the first half year 2009 and the net result was USD -28.0 million. Operating expenses in first half of 2009 include expenses related to mobilisation of Petrojack IV. • On April 3rd, Norsk Tillitsmann (NT) enforced their share pledge in PetroMENA ASA’s subsidiaries PetroRig I Pte Ltd, II and III, all registered in Singapore. Hence the subsidiaries PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd are not consolidated in the accounts in the second quarter 2009 (cfr specification in note 2). • Operating result before depreciation for the subsidiary PetroMENA ASA (51.5% owned) was USD 60.6 million. This includes derecognizing of assets and liabilities in the subsidiaries PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd. Net result for the first half year 2009 was USD -49.6 million. During first half year 2009 the contribution from SS Petrolia to operating profit before depreciation was approximately USD 21.8 million. SS Petrolia is expected to perform in line with first half year performance going forward. • Petrolia Drilling ASA controls 30% of Larsen Rig Ltd which is building a new deepwater semisubmersible drilling rig at Jurong Shipyard. The company is currently in negotiations with Jurong to agree on a revised payment structure. Financial information Profit and loss for the first half year of 2009 Total revenues in the first half of 2009 were USD 137.5 million whereof USD 46.2 million came from SS Petrolia, USD 32.2 million came from Petrolia Services and USD 59.1 million is gain on derecognising of assets and liabilities in subsidiaries. In the first half of 2008, total revenues equaled USD 70.8 million. Operating profit before depreciation for the first half of 2009 was USD 75.2 million compared to USD 22.4 million for the first half of 2008. Total operating expenses equaled USD 62.3 million in the first half of 2009 whereof USD 22.7 million is opex for SS Petrolia, USD 17.6 million relates to Petrolia Services. Rig expenses per 31.03.2009 related to PetroRig I, II and III is also included with USD 13.4 million. The rest of the operating expenses relates to management services under the contracts with LOG and various other operative and administrative expenses. Operating profit for the first half of 2009 equaled USD 56.9 million, including USD 18.3 million in depreciation of equipment mainly related to Petrolia Services. Operating profit for the first half of 2008 equaled USD 6.3 million, including USD 16.1 million in depreciations. The net, after-tax result for the first half of 2009 was USD -44.5 million. Venture Drilling contributes with a positive result after tax of USD 16.8 million. Result from associated company is negative with USD 8.9 million. Net financial items of USD 109.5 million include interest on bond loans with USD 26.5 million, accrued redemption price on the bond loans in PetroMENA with USD 30.9 million and USD 5.9 million is expensed fee for the bond loans in the first half of 2009. Unrealised currency loss on the bond loans, mainly on PetroMENA’s bond loans nominated in NOK, of USD 45.2 million, is also included in net financial items. The USD has depreciated against NOK from 7.00 as of 1 January 2009 to 6.38 as of 30 June 2009. The net after-tax result for the first half year 2008 was USD -44.8 million. Enclosure : Preliminary result as per 2nd quarter & 1st half year 2009. For further information, please contact : Mr. Lars Moldestad, phone : +47 906 99 197. Bergen/Oslo, 27 August 2009 Board of Directors