PRELIMINARY RESULT AS PER 3rd QUARTER 2009

FINANCIAL SUMMARY * Revenues and operating profit before depreciation for Petrolia Drilling ASA for the first nine months of 2009 was USD 119.5 million and USD 22.5 million respectively. Net result after tax was USD -99.7 million including an unrealised currency loss of USD 42.4 million.Net result after tax for the third quarter was USD -55.2 million including negative estimated net proceeds from deregognising of assets and liabilities in the PetroRig subsidiaries in PetroMENA ASA. Based on new information in the third quarter, mainly on the sales prices of the rigs, negative income is reported with USD 59.1 million. Operating revenues in the third quarter was USD 25.0 million from SS Petrolia and USD 16.1 million from Petrolia Services. * Revenues and operating profit before depreciation for Petrolia Services (100% owned subsidiary) for the first nine months of 2009 was USD 48.3 million and USD 21.8 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 September 2009 was USD 150.3 million (depreciated over five years). * Operating profit before depreciation for Venture Drilling (50% owned) was USD 79.9 million for the first nine months of 2009. Net result after tax was USD 53.1 million. During 2009 Venture Drilling is expected to perform in line with first nine months 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 15.0 million in the first nine months of 2009 and the net result was USD -49.9 million. * Norsk Tillitsmann (NT) has, on behalf of the bondholders, declared the bonds on PetroRig I, II and III in PetroMENA ASA to be in default. Subsequently the Boards of PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd were replaced 10 April 2009. This realisation of the various pledges has become a complex situation involving enforcement and realisation regulations from different legal regimes. The Board in PetroMENA ASA notes that under Norwegian law, a pledgee will be held to have enforced the pledge either when the pledged assets have been acquired, or sold by virtue of a compulsory sale. The Board in PetroMENA has not yet been able to assess and determine which jurisdiction that is decisive for determining the time of realisation, and has further not been able to assess when the share pledges are considered realised under the various deciding jurisdictions. The time for realisation, and thus valuation of the remaining claims, is by the Board at this point therefore held to be when actual control was taken over the pledged assets in April 2009. * Operating profit before depreciation for the subsidiary PetroMENA ASA (51.5% owned) was USD 6.4 million. This includes loss on derecognising 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 nine months of 2009 was USD -104.9 million. During the first nine months of 2009 the contribution from SS Petrolia to operating profit before depreciation was approximately USD 37.4 million. SS Petrolia started on a 913 day contract for Pemex in the Gulf of Mexico on 3 February 2008. SS Petrolia is expected to perform in line with first nine months performance going forward. * Petrolia Drilling ASA controls 30% of Larsen Rig Ltd which is building a new deepwater semisubmersible drilling rig at Jurong Shipyard. Larsen Rig has been in close discussions with the Yard on the payment profile, and has come to a supplementary agreement with a revised payment profile. Under the supplementary agreement, Larsen Rig shall pay instalments of USD 20 million in November 2009 and USD 20 million in February 2010. The Board of Directors of Petrolia Drilling is pleased with the discussions, and the revised payment profile, which will give the owners of Larsen Rig flexibility necessary to raise additional financing for the Rig. FINANCIAL INFORMATION Profit and loss for the first nine months of 2009 Total revenues in the first nine months of 2009 were USD 119.5 million whereof USD 71.2 million came from SS Petrolia and USD 48.3 million came from Petrolia Services. In the first nine months of 2008, total revenues equaled USD 116.6 million. Operating profit before depreciation for the first nine months of 2009 was USD 22.5 million compared to USD 28.6 million for the first nine months of 2008. Total operating expenses equaled USD 97.0 million in the first nine months of 2009 whereof USD 33.8 million is opex for SS Petrolia and USD 26.5 million relates to Petrolia Services. Rig expenses per 31.03.2009 related to PetroRig I, II and III is included with USD 13.4 million and USD 3.5 million is loss on derecognising of assets and liabilities in subsidiaries. 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 nine months of 2009 equaled USD -6.9 million, including USD 29.4 million in depreciation of equipment mainly related to Petrolia Services. Operating profit for the first nine months of 2008 equaled USD 4.2 million, including USD 24.3 million in depreciations. The net, after-tax result for the first nine months of 2009 was USD -99.7 million. Venture Drilling contributes with a positive result after tax of USD 26.2 million. Result from associated company is negative with USD 7.6 million. Net financial items of USD -107.4 million include interest on bond loans with USD 32.8 million, accrued redemption price on the bond loans in PetroMENA with USD 34.3 million and USD 9.8 million is expensed fee for the bond loans in the first nine months of 2009. Unrealised currency loss on the bond loans, mainly on PetroMENA’s bond loans nominated in NOK, of USD 42.4 million, is also included in net financial items. The USD has depreciated against NOK from 7.00 as of 1 January 2009 to 5.78 as of 30 September 2009. The net after-tax result for the first nine months of 2008 was USD -13.2 million. Profit and loss for the third quarter 2009 Total revenues were USD -18.0 million for the third quarter 2009 due to change in estimated net proceeds from the derecognising of assets and liabilities in the subsidiaries PetroRig I, PetroRig II and PetroRig III in PetroMENA ASA. The net proceed YTD is updated with new information after presentation of the half year report, mainly on the sales prices of the rigs, hence the negative income reported in the third quarter. Per 30.06.09 gain on derecognising of assets and liabilities in subsidiaries was USD 59.1 million. This gain is reversed in the third quarter. Operating revenue in the third quarter was USD 25.0 million from SS Petrolia and USD 16.1 million from Petrolia Services. Total revenues for the third quarter 2008 equaled USD 45.7 million. Operating profit before depreciation was USD -52.7 million for the third quarter 2009 compared to USD 6.1 million in 2008. Total operating expenses equaled USD 34.7 million for the third quarter 2009 whereof USD 11.1 million is operating expenses for SS Petrolia and USD 8.9 million relates to Petrolia Services. The difference between the estimated proceeds from the disposal of the subsidiaries and its carrying amount as of 1 April 2009 are included in the operating expenses with USD 3.5 million. Other operating expenses comprise management services under the contracts with LOG and various other operative and administrative expenses. Operating profit equaled USD -63.8 million for the third quarter 2009, including USD 11.1 million in depreciation of equipment mainly related to Petrolia Services. Operating profit equaled USD -2.1 million for the third quarter 2008, including USD 8.2 million in depreciations. The net, after-tax result was USD -55.2 million for the third quarter 2009. Venture Drilling contributes with a positive result after tax of USD 9.4 million. Result from associated company is positive with USD 1.3 million. Net financial items of USD 2.1 million include interest on bond loans with USD 6.3, redemption price on bond loan with USD 4.2 million and USD 1.9 million is expensed fee for the bond loans. In the third quarter, PetroMENA’s bond loans are recalculated to the prevailing exchange rate when Norsk Tillitsmann enforced their share pledge in PetroRig I Pte Ltd, PetroRig II Pte Ltd and PetroRig III Pte Ltd. The effect on the result for the third quarter is an unrealised currency gain of USD 12.1 million on PetroMENA’s bond loans nominated in NOK. The USD has depreciated against NOK from 6.38 as of 1 July 2009 to 5.78 as of 30 September 2009. The net after-tax result for the third quarter 2008 was USD 31.6 million. Enclosure: Preliminary result as per 3rd quarter 2009 For further information, please contact: Mr Bernt Skeie, e-mail:bernt.skeie@petrolia.no Bergen/Oslo 27 November 2009 Board of Directors