ULVETANNA UPDATE

Reference is made the Oslo Stock Exchange Filing from Det norske oljeselskap ASA, the operator on PL 356: 

"Det norske oljeselskap ASA, the operator of PL 356, is in the process of completing the drilling of well 3/4-2S on the Ulvetanna prospect.

The well was drilled approximately 20 kilometers north of the Trym Field, located in the southern part of the North Sea.

The objective of the drilling operation was to prove petroleum in Cretaceous reservoir rock. The estimated main reservoir, the Tor formation, was encountered in the well, but contained no hydrocarbons.

The well was drilled at an ocean depth of 51 meters by the drilling facility Maersk Guardian, now due to proceed to Production License 497 (Geite) in the North Sea, operated by Det norske, to drill the wildcat well 7/11-13.

Det norske holds a 50 percent interest in the well. The other partners are Repsol, with 40 percent ownership, and Petrolia Norway AS, with 10 percent."  

Bergen, 13 August 2012

For further information, please contact:

Vidar Bergo Larsen

Managing Director

Petrolia Norway AS

Phone: +47 90 86 60 41

E-mail: vidar.bergo.larsen@petrolia.no

Sølve Nilsen

Finance Manager

Petrolia ASA

Phone: +47 95 17 92 69

E-mail: solve.nilsen@petrolia.no

About Petrolia

Petrolia ASA has three business segments:E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf. The company holds 10 per cent of the Ulvetannaprospect and 30 per cent of PL 506S, PL 506BS, PL506CS and 506DS. In addition, Petrolia ASA owns Independent Oil Tools AS, a leading rental equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.