UPDATE ON PETROLIA NORWAY AS

Reference is made to the 16 August 2011 announcement regarding Petrolia Norway AS´ acquisition of 10 per cent of PL 356 Ulvetanna, conditioned upon Petrolia Norway AS being approved as license holder on the Norwegian Continental Shelf within 1 January 2012.

Petrolia Norway AS is in good process regarding being approved as a license holder and expects the final approval within 15 February 2012. Det Norske Oljeselskap ASA has granted Petrolia Norway AS a corresponding waver for the license holder condition in the acquisition agreement.

For further information, please contact:

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

Bergen/Oslo 30 December 2011

About Petrolia

Petrolia ASA has three business segments: E&P, Drilling & Well Technilogy and Oilfield Services and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company aiming at being prequalified as a licensee on the Norwegian Continental Shelf early in 2012. The company currently holds 10 per cent of Ulvetanna. In addition, Petrolia ASA owns Petrolia Services AS, a leading rental equipment equipment company for the global oil industry. The company employs a staff of around 250 highly competent employees worldwide.