Malka Oil

Malka Oil (STO:MALK) * OCTOBER 2008 PRODUCTION: 3,210 BARRELS PER DAY

Malka Oil (STO:MALK) * SVENSKA PETROLEUM EXPLORATION (SPE) NEW MAIN SHAREHOLDER

Malka Oil (STO:MALK) * SEPTEMBER 2008 PRODUCTION: 2,667 BARRELS PER DAY

Malka Oil (STO:MALK) * AUGUST 2008 PRODUCTION: 2,503 BARRELS PER DAY * PIPELINE CONNECTION TO TOMSKAYANEFT IN PRODUCTION

Malka Oil (STO:MALK) * Income from oil sales amounted to TSEK 69,467 (0) * The net result after tax for the period was TSEK -34,816 (-8,530) * EPS was SEK -0.13 (-0.04) for the report period * SEK 250 Million (41.9 MUSD) directed share issue completed * Production targets are delayed as previously announced. Production target of 4,000 barrels per day is moved forward till the year-end 2008/2009 * Western reserve study estimates 90.6 million barrels 3P and 43.5 million barrels 2P oil reserves

Malka Oil (STO:MALK) Malka Oil's extractable reserves on the company's three existing oil fields amounted to 91 million barrels as of April 30, 2008 according to an independent Western reserve study. The estimation is based upon Malka Oil's existing boreholes and supports the company's own estimation 140 - 190 million barrels of extractable oil and condensate on the three oil fields. A new study will be initiated that amongst others will include new production data and a new seismic report.

Malka Oil (STO:MALK) * JULY 2008 PRODUCTION: 2,325 BARRELS PER DAY * PRODUCTION TARGETS AND DEVELOPMENT PLANS TO BE REVISED

Malka Oil Malka Oil's total production of oil and condensate for the month of June amounted to 63,085 barrels, compared with May when the production was 64,507 barrels. On average the production was 2,103 barrels per day, compared with 2,081 barrels per day during May.

Malka Oil Malka Oil has appointed HQ Bank as the company's Certified Adviser. HQ Bank will take over the role as Certified Adviser from July 3rd, 2008.

Malka Oil Malka Oil has raised SEK 250 million in a new share issue directed towards Swedish and International investors. Among the new shareholders are the Swedish 2nd AP Fund, Norwegian State Pension Fund and The Norwegian Petroleum Fund. In total 50 million shares were issued at a price per share of SEK 5, representing a discount of 6.5 % compared to the volume weighted average price the last five trading days. The share issue will finance the ongoing drilling programme for 2008 and the completion of the company's own Transneft connection. The western reserve study is delayed and the result is expected in the latter part of July.