Petrolia Drilling ASA Considers Private Placement

Petrolia Drilling ASA intends to carry out a private placement of new shares. The private placement will be marketed to professional and institutional Norwegian and international investors in the period from 16:45 to 19:30 on Thursday, February 23, 2006, and shall be completed at a price near market price on Thursday, February 23, 2006.

The private placement in Petrolia may include up to 53 million new shares, up to 9.6% of the total shares outstanding of Petrolia, and may be completed based on the existing Board authorization approved by the general meeting of Petrolia on February 3, 2006.

The proceeds from the possible private placement will be used for further rig investments in accordance with Petrolia's strategy, and for general corporate purposes.