Petrolia Drilling Finalizes Drilling Contract

Petrolia Drilling ASA says the LOI extended for the Petrolia semisub in November of last yar has been finalized. The contract is with a North Sea operator for a drilling program on the UK Continental Shelf. The contract length is six months with start-up approximately July 1, 2006.

Petrolia Drilling has also received several requests from operators for the use of the Petrolia in 2007. The present market dayrates indicated for 2007 are US $225,000 to US $250,000 and the market continues to improve.

Petrolia Drilling ASA will seek to optimize length and rate for future contracts.

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