Petrolia Drilling Increases Stake in PetroMena

Petrolia Drilling ASA has increased its exposure to PetroMena AS through a combination of (i) market purchases, (ii) participation in the PetroMena AS private placement on April 19, 2006 (subject to approval by the general meeting of PetroMena) and (iii) forward contracts.

After the above mentioned transactions, Petrolia controls 104,169,300 shares in PetroMena, corresponding to 35.8 percent of the shares outstanding (including the 54 million shares to be issued in the PetroMena private placement, subject to general meeting approval).

The 104,169,300 PetroMena-shares controlled by Petrolia includes a total of 25,000,000 shares held under forward contracts with July 5, 2006 delivery.