Petrolia Drilling Confirms New Drilling Contract

Earlier this year Petrolia Drilling received a Letter of Intent for the Petrolia semisub. The company now confirms signature of the final contract.

The drilling program will be for a term of five months with a dayrate of US $300,000 from the spring of 2007.

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

As the demand from the oil companies is strong, Petrolia Drilling ASA will seek to optimize length and rate for future contracts.

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