Norwegian Authorities Give Go-Ahead for PA Resources' Sale of Subsidiary

The agreement between PA Resources AB and Bayerngas Norge AS concerning the sale of PA Resources Norway AS has been approved by the Norwegian authorities.

Bayerngas Norge AS has received approval from the Norwegian Ministry of Petroleum and Energy as well as the Ministry of Finance to acquire PA Resources AB’s Norwegian subsidiary.

The transaction will be formally closed with payment not later than January 7, 2009 according to the agreement between PA Resources AB and the buyer. Financial consolidation for the buyer Bayerngas Norge AS will take place on January 1, 2009. For more information about the agreement, see PA Resources’ press releases dated on December 1 and 4, 2008.