TRANSFERABLE SUBSCRIPTION RIGHTS

Reference is made to the announcement of 27 June 2011 regarding the rights issue  of up to 50 629 837 shares, authorized by Petrola ASA´ Extraordinary General Meeting 17 December 2010. 

The Board of Directors resolved on 27 June 2011 that the subscription rights could be made transferable if required by the Oslo stock exchange. The Oslo stock exchange has now decided that the subscription rights should be made transferable. Therefore the subscription rights will be made transferable.

27 June 2011 will continue to apply as the date from when the shares will have been traded exclusive of the subscription rights. Petrolia will revert with further details regarding the subscription period, the listing of the subscription rights, the trading period, as soon as the prospectus for the share capital increase has been approved by the Financial Supervisory Authority of Norway. 

For further information, please contact: 

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

Bergen/Oslo 8 July 2011

Petrolia ASA

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