Petrolia SE — M&A Activity 2011

Jan 25, 2011

SALE OF SHARES IN DEEPWATER DRILLER LTD

SALE OF SHARES IN DEEPWATER DRILLER LTD

Petrolia Invest AS - a 100% owned subsidiary of Petrolia ASA has on 24

January 2011 entered into an agreement with the shareholders of Songa

Offshore SE, whereby Songa Offshore SE will purchase 33,000,000 of the

shares in Deepwater Driller Ltd, equivalent to 20,625% of the issued

shares. The purchase price is USD 34,500,000.

Following this transaction, Petrolia Invest AS will no longer own shares

in Deepwater Driller Ltd.

Bergen/Oslo, 25 January 2011

Petrolia ASA

Contact:

Kjetil Forland. Managing Director - Phone: +47 932 40 027

Ørnulf Samdal. Legal Counsel - Phone: +47 930 14 700