Petrolia Drilling

Petrolia Drilling Petrolia Drilling ASA (the Company) is planning to issue a new senior unsecured bond with expected gross proceeds of maximum NOK 500 million. The net proceeds from the new bond issue will be used for (i) early redemption of the existing PDR03 bond (NOK 250 million outstanding) according to prevailing call options under the PDR03 bond, and (ii) for general corporate purposes which may include investments in other companies / assets within the oil/offshore sector. Early redemption of PDR03 is subject to the new bond being fully subscribed. Settlement of the new bond is expected to be ultimo June 2008, and the new bond will mature in June 2012.

Petrolia Drilling Refer to the stock exchange notice on the 14 May 2008 attached the Notice and Agenda for the Ordinary General Meeting in Petrolia Drilling ASA.