VENTURE DRILLING AS – SETTLEMENT FOR DEEP VENTURE

Venture Drilling AS (“VDAS”), a joint venture between Petrolia ASA and Sinvest AS (50/50), has entered into an agreement for early redelivery of the drillship Deep Venture aka Valentin Shashin being on bareboat from its Russian owner Arktikmorneftegazrazvedka (Arktik).

Through the settlement, Valentin Shashin has been redelivered to Arktik on 24 February 2011 at 19:45 hrs. (Norwegian time). VDAS will in total receive a cash amount of USD 138.000.000, which covers the purchase price for all equipment onboard belonging to Venture Drilling AS and its position in the arbitration against Arktik, both of which are being purchased by JSC Zarubezhneft.

The transaction is not expected to have any significant impact on the Q1 2011 results for Petrolia ASA.

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

Bergen/Oslo, 25 February 2011

Petrolia ASA

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