STATUS PETROMENA ASA

The Board of Directors of PetroMENA ASA has worked to complete a restructuring of the company and has made a proposal. The proposal has not been accepted by a significant contracting party and creditor. The Chairman of the Board has for this reason resigned with immediate effect. The other Board members, with the exception of Joar Terjesen, have made their Board positions available, but will remain on the Board until a new Board has been elected. Joar Terjesen has been appointed interim Chairman of the Board. An Extraordinary General Meeting will be summoned for the election of a new Board of Directors. Leif Holst (member of the Board of Directors of Petrolia Drilling ASA) has been appointed temporary Managing Director. The Board, assisted by its main shareholder Petrolia Drilling ASA, continues its work to find a solution to the company’s financial position and will forward a proposal to reduce the share capital by reducing the nominal value per share and approve Board authorizations to complete share capital increase, issue of convertible bonds and acquisition of own shares. For further information, please contact : Bernt Skeie, e-mail : bernt.skeie@petrolia.no. Bergen/Oslo 10 November 2009