Preliminary results of the Rights Issue

Petrolia ASA (the ”Company” or “PDR”) – A public limited liability company organised under the laws of Norway.

The subscription period in the rights issue of Petrolia ASA expired at 17:30 (Oslo time) yesterday, 23 August 2011. Preliminary counts indicate that Petrolia ASA received subscriptions for a total of approximately 171 million new shares whereas only 50,629,837 new shares were offered.

Final allocation of the shares offered in the rights issue is expected to be resolved by the board of directors of Petrolia ASA on or about 25 August 2011 in accordance with the allocation criteria set out in the prospectus dated 2 August 2011. The final result of the rights issue is expected to be published through Oslo Børs' information system on or about 25 August 2011 and notifications of allocated new shares and the corresponding subscription amount to be paid by each subscriber are expected to be distributed in letters on or about the same date.

First Securities AS is acting as manager for the rights issue.

Contact person: 

Mr. Kjetil Forland, Managing Director, e-mail: kjetil.forland@petrolia.no

Mr. Sølve Nilsen,Finance Manager, email:solve.nilsen@petrolia.no