Panoro Energy ASA — Proxy Solicitation & Information Statement 2011

Feb 8, 2011

Panoro Energy

LAVORO EUROPEA

Notice of Extraordinary General Meeting

Panoro Energy ASA (“PEN” ticker code OSE) is pleased to invite the shareholders in the Company to attend an Extraordinary General Meeting (EGM) scheduled to be held March 1, 2011 at 15:00 Oslo time at Advokatfirmaet Selmer DA, Tjuvholmen Allé 1, 0251 Oslo, Norway.

On the agenda for the EGM are:

1. Opening of the meeting by chairman of the board Philip Vingoe, including the taking of attendance of shareholders present
2. Election of chairman of the meeting and a person to co-sign the minutes
3. Approval of notice and agenda
4. Share capital increase by issue of new shares (“Private Placement”)
5. Share capital increase by issue of new shares (“Repair Issue”)

To facilitate equal treatment of Panoro shareholders and warrant holders, PEN-J warrant holders will in addition to the shareholders be eligible to subscribe in the subsequent offering. Consequently, the PEN-J warrants will trade excluding the right to participate in the subsequent offering from today, February 8, 2011. For shareholders’ right to participate in the subsequent repair offering, reference is made to the stock exchange notice 04.02.11.

Please find enclosed notice of EGM, appendices and registration/proxy form.

For further information please contact:

Anders Kapstad, CFO
Tel: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com

Jonas Gamre, Finance & Investor Relations Manager
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com