Dana Completes Acquisition of Hudson Field Interest

Dana Petroleum has completed the exchange agreement with Amerada Hess Limited, by which Dana has acquired an additional 28% interest in the Hudson Oil Field in the UK North Sea, thus increasing Dana's total stake in Hudson to 47.5%. In exchange, Dana has transferred its wholly owned subsidiary Dana Petroleum (Indonesia) LLC to Amerada Hess Limited. Dana Petroleum (Indonesia) LLC holds Dana's 12% interest in the Pangkah PSC area offshore Indonesia as its sole asset.

Dana is also delighted to report that it has been appointed as Operator of the Hudson Field, having received all necessary government and partner consents in this regard.

The Hudson field is currently producing approximately 12,000 barrels of oil per day. Therefore, Dana's net North Sea oil production has increased by approximately 3,400 barrels per day as a result of the completion of this deal.