SeaBird Successfully Completes Private Placement

Reference is made to the stock exchange notice dated November 10, 2009 regarding a contemplated shares issue in Seabird Exploration Limited.

The book-building period for the Private Placement has been closed, and SeaBird is pleased to announce a successful placement towards institutional and private investors of 54 million new shares at a price of NOK 3.50 per share. The share issue represents approx. 45% of the shares outstanding prior to the placement. Total gross proceeds from the share issue are NOK 189 million.

The private placement was managed by ABG Sundal Collier Norge ASA, First Securities AS and Fearnley Fonds ASA.

Furthermore, the CEO, Mr. Tim Isden, has through his wholly owned company; Bartica Company Limited sold 6.0 million shares as part of a necessary personal deleverage process. Following this sale, Bartica Company Limited owns 5.4 million shares, equal to 3.1 % of the outstanding number of shares after the private placement. The remaining shareholding of Mr. Tim Isden is subject to a 6 month lock-up arrangement with the managers.

In order to secure a fast delivery of shares to the investors, the shares offered in the private placement comprise of already existing shares made available to the Managers by a stock lending agreements with certain major shareholders.

The total number of outstanding shares after the issue will be 174,895,831 shares.


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