PETROLIA NORWAY SPUDS ITS FIRST NCS WELL

The jack-up rig Mærsk Guardian spudded Wednesday 18 July 2012 a well on the Ulvetanna prospect in the production license 356 in the southern North Sea.

The Ulvetanna prospect is estimated to contain between 70 and 250 million barrels of oil equivalents (boe). Petrolia Norway estimates that one out of three prospects of this kind contains hydrocarbons and regards in this case the reservoir quality as the main risk. The Ulvetanna prospect is on of the few remaining untested salt induces dome structures in the southern North Sea. Det norske oljeskap ASA is the operator for the PL 356 license with a 50 per cent stake, Repsol holds a 40 per cent stake and Petrolia Norway holds the remaining 10 per cent of the license.

Petrolia Norway's strategy is to maximize field potential through innovative exploration and increased oil recovery technology from mature areas on the Norwegian Continental Shelf. In addition to the 10 per cent of the Ulvetanna prospect, Petrolia Norway holds 30 per cent of the production licenses PL 506S, PL 506BS, PL 506CS and PL 506DS, subject to governmental approval. Drilling on the 506 licenses is expected in the first quarter of 2013.

Bergen, 18 July 2012

For further information, please contact:

Vidar Bergo Larsen

Managing Director

Petrolia Norway AS

Phone: +47 90 86 60 41

E-mail: vidar.bergo.larsen@petrolia.

Sølve Nilsen

CFO

Petrolia ASA

Phone: + 47 95 17 92 69

E-mail: solve.nilsen@petrolia.no

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf. The company holds 10 per cent of the Ulvetanna prospect and 30 per cent of PL 506S, PL 506BS, PL506CS and 506DS. In addition, Petrolia ASA owns Petrolia Services AS, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.

This information is subject of the disclosure requirements acc. to § 5-12 vphl (Norwegian Securities Trading Act)