REVISED PAYMENT PROFILE FOR SS LARSEN RIG I

Petrolia Drilling ASA owns 30 % of the associated company Larsen Rig Ltd (the “Larsen Rig”) which has entered into a construction contract with Jurong Shipyard Pte Ltd (the “Yard”) for construction of a semi-submersible drilling rig known as the SS “Larsen Rig I”) (the “Rig”). Larsen Rig has been in close discussions with the Yard on the payment profile, and has come to an supplementary agreement with a revised payment profile. Under the supplementary agreement, Larsen Rig shall pay installments 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. For further information, please contact: Bernt Skeie, CEO, bernt.skeie@petrolia.no Bergen/Oslo, 16 November 2009