Pertra Successfully Completes Private Placement

Pertra ASA

A Private Placement in the amount of NOK 600 million in Pertra ASA was oversubscribed. Following a book-building process, the subscription price was set at NOK 60 per share.

This is lower than the initial price range, cf. the notification from the company published September 14, 2006. Participants in the Private Placement are Norwegian and international institutional investors, including several existing shareholders.

The Board recommends that the Extraordinary General Meeting (EGM) approve the Private Placement. The proposal involves issuing 10000 000 new shares, resulting in a total number of shares in the Company of 25 573657. The EGM is to be held on the Company's premises in Trondheim on October 2, 2006 at 2:00 pm (CET).

By approving the Private Placement Pertra has succeeded in raising NOK 814 million in equity during 2005 and 2006, which together with debt puts Pertra in a robust financial situation, enabling the Company to implement its plans for further growth and an active exploration program in existing and new licenses, as well as the development tasks Pertra is faced with on Yme and Froy.

To increase the liquidity in the share and qualify the Company for listing, a public offering up to NOK 50 million is planned for the last half of October.

Pareto Securities (Lead Manager), First Securities (Co-Lead) and Sparebank1 Markets (Co-Manager) have acted as managers in the Private Placement.