PetroMena Completes Private Placement

PetroMena AS has completed the private placement of 65,000,000 new shares (corresponding to a share capital increase of 19.2%) at a subscription price of NOK 5.10 per share.

The placement enable PetroMena to pay the first installment to yard (15%) and to fulfill obligation in the bond loan (1.6 mldr. NOK) to be used for the next installments on PetroMena's third semisubmersible drilling rig recently ordered from Jurong Shipyard in Singapore.

Petrolia Drilling ASA has been allocated 29,900,000 shares in the PetroMena private placement, corresponding to a NOK allocation of 152,490,000.

Following registration of the new shares to be issued in the PetroMena private placement, Petrolia Drilling ASA will slightly increase its exposure to PetroMena AS from 146,614,300 shares (43.4%) to 176,514,300 shares (43.8%), including 25,000,000 PetroMena shares held by Petrolia Drilling under a forward contract with 27 March 2007 delivery.