PETROLIA DRILLING ASA 1st QUARTER 2009 PRELIMINARY RESULT

FINANCIAL SUMMARY Petrolia Drilling ASA had a net result after tax of USD -42.0 million including an unrealized currency loss of USD -27.6 million. Operating result before depreciation for the subsidiary PetroMENA ASA was USD -7.0 million. This includes mobilization for the rigs under construction in Singapore with USD 13.4 million. Net result for the first quarter 2009 was USD – 46.4 million. During first quarter the contribution from SS Petrolia to operating profit before depreciation was approximately USD 12.2 million. SS Petrolia is expected to perform in line with first quarter performance going forward. The associated company Petrojack owns Petrojack IV, which commenced on contract the 23rd of January 2009. Operating profit before depreciation for Petrojack was USD 1.6 million in the first quarter 2009 and the net result was USD -21.9 million. Operating expenses in first quarter 2009 include expenses related to mobilization of Petrojack IV. Operating profit before depreciation for Venture Drilling was USD 26.2 million for the first quarter 2009. Net result after tax was USD 17.4 million. During 2009 Venture Drilling is expected to perform in line with first quarter going forward. Revenues and operating profit before depreciation for Petrolia Services (100% owned subsidiary) for the first quarter 2009 was USD 16.0 million and USD 6.6 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 31 March 2009 is USD 129.7 million (depreciated over five years). FINANCIAL INFORMATION Profit and loss for the first quarter 2009 - Total revenues were USD 37.3 million for the first quarter 2009, whereof USD 21.3 million came from SS Petrolia and USD 16.0 million came from Petrolia Services. Total revenues for the first quarter 2008 equaled USD 28.9 million. SS Petrolia performed well during first quarter and is expected to perform in line with first quarter performance going forward. Operating profit before depreciation was USD -1.9 million for the first quarter 2009 compared to USD 8.0 million in 2008. Total operating expenses equaled USD 39.2 million for the first quarter 2009 whereof USD 8.5 million is operating expenses for SS Petrolia, USD 9.4 million relates to Petrolia Services and USD 13.4 million is rig expenses for mobilization of PetroRig I, II and III. Other operating expenses comprise management services under the contracts with LOG and various other operative and administrative expenses. Operating profit equaled USD -10.3 million for the first quarter 2009, including USD 8.4 million in depreciation of equipment mainly related to Petrolia Services. Operating profit equaled USD 0.3 million for the first quarter 2008, including USD 7.8 million in depreciations. The net, after-tax result was USD -42.0 million for the first quarter 2009. Venture Drilling contributes with a positive result after tax of USD 8.8 million. Result from associated company is negative with USD 4.0 million. Net financial items of USD -36.5 million include an unrealised currency loss, mainly on PetroMENA’s bond loans nominated in NOK, of USD 27.6 million. The USD has depreciated against NOK from 7.00 as of 1 January 2009 to 6.68 as of 31 March 2009. The net after-tax result for the first quarter 2008 was USD -34.0 million. Enclosure : Preliminary result as per 1st quarter 2009. For further information please contact : Mr. Lars Moldestad, phone +47 906 99 197. Bergen/Oslo, 20 May 2009 Board of Directors http://www.newsweb.no