Petrolia Successfully Completes Private Placement

Petrolia Drilling ASA has completed a private placement of a total of 165,000,000 new shares at a subscription price of NOK 3.65 per share. Gross proceeds from the private placement amounted to NOK 602,250,000. The private placement was significantly over-subscribed.

Proceeds from the private placement will be used to fund Petrolia's rig investments, hereunder the investment in PetroMena AS, where Petrolia owns approximately 36 percent.

The issued share capital of Petrolia after the private placement will be NOK 386,195,999, equaling 772,391,998 shares, each with a par value of NOK 0.50.

Independent Oil Tools ASA ("IOT"), Petrolia's largest shareholder, was allocated a total of 40 million shares in the Private Placement, and will, subsequent to the delivery of shares, hold a total of 192,097,359 shares, constituting 24.9 percent of the issued share capital.

Allocation letters / contract notes will be sent to the subscribers today. Payment date is set to Wednesday 26 April 2006. The majority of the subscribers in the Private Placement, except IOT, will be delivered existing and unencumbered Petrolia shares that are already listed on the Oslo Stock Exchange, pursuant to a Stock Lending Agreement entered into between the Managers and IOT. These shares will be tradable from the date they are delivered.

IOT will receive new shares, pursuant to the Stock Lending Agreement. These new shares issued to IOT will not be listed and tradable on the Oslo Stock Exchange before approval of a listing prospectus by the Oslo Stock Exchange. These new shares will carry a separate ISIN (NO 001 0311186) until approval of the prospectus.

The private placement was managed by ABG Sundal Collier Norge ASA and Pareto Securities ASA.

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