Petrolia Drilling Ups Stake in PetroMENA to 43%

Petrolia Drilling ASA has been allocated 22 million new shares in a PetroMENA AS private placement on August 30, 2006, at a subscription price of NOK 5.0 per share.

Upon registration of the new shares, Petrolia Drilling will control 146,614,300 shares in PetroMENA AS, including 25 million shares held under a forward contract with October 3, 2006 delivery, corresponding to 43.4% of the shares outstanding in PetroMENA AS after registration of the private placement.