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SALE OF SHARES IN DEEPWATER DRILLER LTD

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Petrolia Invest AS – a 100% owned subsidiary of Petrolia ASA has on 24 January 2011 entered into an agreement with the shareholders of Songa Offshore SE, whereby Songa Offshore SE will purchase 33,000,000 of the shares in Deepwater Driller Ltd, equivalent to 20,625% of the issued shares. The purchase price is USD 34,500,000.

Following this transaction, Petrolia Invest AS will no longer own shares in Deepwater Driller Ltd.

Bergen/Oslo, 25 January 2011

Petrolia ASA

 

Contact:

Kjetil Forland. Managing Director - Phone: +47 932 40 027

Ørnulf Samdal. Legal Counsel - Phone: +47 930 14 700

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