According to the Oslo Stock Exchange regulations, the minimum market value per share upon listing is NOK 10. The par value of the shares is NOK 5. The Board of Directors has therefore proposed that the general meeting resolves to perform a reverse split of the shares, in which the par value of the shares is tripled. Subsequent to such a reverse split, the par value of the shares will be NOK 15.
Subsequently the Ordinary General Meeting made following resolution:
"The Company shall perform a reverse split of its shares, after which three shares at a par value of NOK 5 prior to the reverse split shall equal one share at a par value of NOK 15 subsequent to the reverse split.
The reverse split shall be completed on April 20, 2007 or immediately following such date, based on VPS-list per April 20, 2007."
In order to establish the correct number of shares, the Ordinary General Meeting approved to increase the share capital with NOK 2 500, by subscription of 500 new shares, at a par value of NOK 5. The shares have been subscribed for by the main shareholder, Petrolia Drilling ASA, as this shareholder has offered to offer equalization shares, i.e. a reverse split of the shares at a 3:1 ratio.
Shareholders who at the time of the reverse split holds a stock of shares not dividable by 3, will receive the number of required equalization shares from Petrolia Drilling ASA immediately following the reverse split. The maximum number of equalization shares offered by Petrolia Drilling ASA is 500 shares.
After registration of the private placement and the reverse split the number of shares in PetroMena AS will be 134,343,500, each with a par value of NOK 15,00 per share, which corresponds to a share capital of NOK 2,015,152,500.
The Company will send a new notice when all resolutions have been registered in the Register of Business Enterprises.
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