Pertra Reports High Demand for Shares

Pertra's retail offering in the amount of NOK 50 million was almost five times oversubscribed. As many as 1,246 persons and companies submitted applications.

The number of shares being allotted to individual applicants will thus have to be considerably reduced. Consequently, the Board of Directors in Pertra has decided to limit the number of shares for allotment upward to 1,300 shares per applicant, with a few exceptions in accordance with the allotment criteria outlined in the Prospect. However, all applicants will be allotted shares, and they will receive notice of the allotment from the retail offering managers on Tuesday, 31 October 2006.

The successful private placement carried out in September in addition to this very satisfactory retail offering have not only enabled Pertra to secure a financial basis for future investments in exploration activities on the Norwegian Shelf, but also contributed to establishing a solid foundation among Norwegian investors, and in particular among private investors in Mid-Norway.

"This result exceeds our expectations by far, and proves that this kind of investment is of great interest to private investors. We take extra comfort from the fact that a substantial part of the issue was subscribed in Mid-Norway, showing strong local support for Pertra," states Chairman of the Board, Kaare M. Gisvold.


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