PETROLIA DRILLING ASA - TERMINATION OF MANAGEMENT AGREEMEMT

TERMINATION OF BUSINESS MANAGER AGREEMENT BETWEEN PETROLIA DRILLING ASA AND LARSEN OIL & GAS AS Petrolia Drilling ASA (“Petrolia”) has terminated the business manager agreement entered into with Larsen Oil & Gas AS (“LOG”). Under the business manager agreement LOG has provided the following main business manager services: * Administration, including to place at disposal to Petrolia a CEO and secretary services to the Board of Directors * Accounting and budgeting services * Services related to the Company’s external reporting and information obligation, including such obligations toward the Oslo Stock Exchange * Maintenance of Petrolia’s shareholders’ register According to the business manager agreement the agreement may be terminated by either party by six months notice. LOG is entitled to business manager fee payable pursuant to the agreement during the six months term of notice. The annual business manager fee currently amounts to NOK 3 million. Petrolia will establish own management to perform services previously provided by LOG. Petrolia has already employed a new CEO and will during the term of notice recruit additional personnel necessary to provide the services previously performed by LOG. For further information, please contact: Bernt Skeie, CEO, +47 95 04 60 31, bernt.skeie@petrolia.no