Petrolia Ordered to Return Valentin Shashin to Arktik

On March 22, 2005 Petrolia Drilling received the London Arbitration Tribunal's Second Partial Award. This award followed the Tribunal's First Partial Award dated July 5, 2004 in which it decided that, as a matter of principle, it had jurisdiction to grant the Company relief from forfeiture. The Company refers to its Press Release dated July 8, 2004 and Quarterly Reports. By its Second Partial Award, the Tribunal has now determined that the Company is not, in practice, entitled to relief from forfeiture. The Company will be required to redeliver the d/s Valentin Shashin to Arktik. The precise arrangements (including the timing) of such redelivery will be agreed between the Company and Arktik, alternatively by further order of the Tribunal.

The Company is considering carefully all of the options which are available to it, including the status of all equipment on board the vessel, as well as the possibility of an appeal to the English High Court against the Second Partial Award. There is the possibility that both Petrolia Drilling and Arktik will pursue additional claims in relation to the d/s Valentin Shashin.

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