PETROLIA SUBSIDIARY WINS LEGAL DISPUTE WITH PETROMENA BANKRUPTCY ESTATE

Oil Tools Supplier AS (formerly Petrolia Services AS), a subsidiary of Petrolia SE, has received the decision from Borgarting Court of Appeal regarding the claim from the PetroMENA ASA bankruptcy estate. Borgarting Court of Appeal has in majority ruled in favor of Oil Tools Supplier AS and has reduced the claim to USD 1.5 million, in line with the position of Oil Tools Supplier AS.

As informed in the fourth quarter report 2012, the Estate of PetroMENA ASA, 51 % owned by Petrolia SE, is seeking to invalidate an equipment purchase of 13 November 2008 whereby Oil Tools Supplier AS purchased drilling equipment for USD 34.7 million from PetroMENA ASA. 19 March 2013, Oslo District Court ruled in favor of the PetroMENA ASA estate for USD 14 million, in addition to legal costs.

Both Oil Tools Supplier AS and the Estate of PetroMENA ASA appealed the case. Borgarting Court of Appeal state in the decision that the appeal from the Estate of PetroMENA ASA “has been unsuccessful”, while the appeal from Oil Tools Supplier AS “partly has been accepted”.

Consequently, Borgarting Court of Appeal reduces the claim from the Estate of PetroMENA ASA to USD 1.5 million with no legal costs awarded. The reduced claim is in line with the position of Oil Tools Supplier AS.

Petrolia SE has previously made provisions for the claim and will book the residual as extraordinary income in the forth quarter 2014.

Limassol/Bergen, 18 December 2014

For further information, please contact:

Kjetil Forland                                                                                    

Managing Director, Norwegian branch                                  

Phone: +47 93 24 00 27                                                                 

Mail: kjetil.forland@petrolia.no

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.

About Petrolia SE

Petrolia SE 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, and a group of leading rental equipment companies for the global oil industry. Petrolia SE employs a staff of around 330 highly competent employees worldwide.