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SHARE PURCHASE AGREEMENT

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Petrolia ASA has entered into a Share Purchase Agreement with Sinvest AS to purchase 50% of the shares in Venture Drilling AS.

The purchase price for the shares is USD 34 million.

After the transaction Venture Drilling AS is a 100% subsidiary of Petrolia ASA.   

For further information : please contact Mr. Kjetil Forland, Managing Director, e-mail : Kjetil.forland@petrolia.no. 

Bergen/Oslo, 29 March 2011

Petrolia ASA

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