Petrolia Drilling Completes Acquisition of Independent Oil Tools

Petrolia Drilling has completed the due diligence for acquisition of Independent Oil Tools AS without any findings resulting in adjustments of price or conditions.

Independent Oil Tools AS with subsidiaries consists of 90 employees.

Independent Oil Tools AS has been de-merged and later merged with a sister company and has acquired another company. In accordance with accounts for Independent Oil Tools AS of 31.10.2006 the turn over was MNOK 155, the result before tax was MNOK 40,9 and total assets was MNOK 412,5.

Historic pro forma profit and loss and balance sheet figures for Petrolia Drilling ASA/Independent Oil Tools AS will be presented according to IFRS as soon as it is available.