PETROMENA ASA – VOLUENTARY SWITCH OF CURRENCY IN THE USDM 2,000 BOND LOAN

Reference is made to the notice letter from the bondholders meeting on 11 March 2009 for the bond loan issued by Petromena ASA (“the Company”) with ISIN NO 001031608.6 (NOKm 2,000 Loan) (the “Loan”).

At the bondholders meeting for the Loan, the bondholders approved the introduction of a new USD tranche under the Loan under similar terms as the existing Loan. Bondholders who, on a voluntary basis, wants to switch into the USD tranche must return the attached Acceptance Form to Pareto Securities AS on fax + 47 22 87 87 10 within 16:00 Oslo time on Tuesday 24 March 2009.

Please find attached the Exchange Offer document as well as the Acceptance Form.

Bergen/Oslo, 17 March 2009

Petromena ASA, Board of Directors
For further information, please contact
Mr. Lars Moldestad: +47 906 99 197.