Revus Wraps Up Private Placement, Issues New Shares

Revus Energy ASA has on May 20, 2008 completed a private placement resulting in the issue of a total of 4,163,452 new shares at a price of NOK 88 per share. Gross proceeds from the private placement amounted to approximately NOK 366 million (USD 73 million). The proceeds from the placement will support Revus' ambitious growth plans in the North Sea.

In accordance with the proxy established at Revus General Meeting held on May 7, 2008, the Revus board of directors resolved to issue 4,163,452 new shares at a par value of NOK 0.25 per share, representing approximately 10 per cent of the existing registered share capital. As a result, the share capital of Revus will increase by NOK 1,040,863 to a total of NOK 11,449,496 corresponding to a total of 45,797,984 shares, each with a par value of NOK 0.25.

It is expected that the new shares will be delivered on or about May 26, 2008. The new shares will be listed on Oslo Stock Exchange following registration in the Norwegian Register of Business Enterprises.