PetroMed Announces Common Stock Dividend

PetroMed Ltd., an Ontario corporation, announced a one-for-one dividend of the Common shares of PetroMed PLC-UK. All shareholders of PetroMed Ltd., record date August 4, 2006 will receive one share of PetroMed PLC common stock for every share of PetroMed Ltd. beneficially owned. PetroMed Ltd. received 25,142,427 common shares of PetroMed PLC as part of an asset acquisition agreement earlier this year.

PetroMed PLC, an independent oil and gas exploration company, has officially received permit approval from the Israel Ministry of National Infrastructures (MNI) to begin exclusive exploratory pursuit of hydrocarbons within the identified shallow water prospects offshore Haifa in northern Israel.

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