Petrolia Drilling Inks LOI for Petrolia

Petrolia Drilling has signed a Letter of Intent with an unnamed operator to use SS Petrolia to perform an exploration drilling program in Northwest European waters.

The drilling program is estimated to last approximately five months at a daily operating rate of US $300,000. The contract is expected to start in the spring of 2007. The final contract award is subject to all management, corporate and board approvals of the parties.

Petrolia Drilling is continuing its negotiations with operators to cover drilling programs for the rest of 2007and 2008.

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

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