Malka Oil

Malka Oil Malka Oil AB (the `Company`) has retained SEB Enskilda AS (the `Manager`) to advice on and effect a contemplated share issue directed towards professional domestic and international investors.

Malka Oil The annual general meeting of shareholders in Malka Oil AB (publ) was held today in Stockholm. The profit and loss account and balance sheet for 2008 were adopted and it was decided not to distribute any dividends.

Malka Oil * MAY 2008 PRODUCTION: 2,081 BARRELS PER DAY

Malka Oil * Income from oil sales amounted to TSEK 24,155 (0) * The net result after tax for the period was TSEK -812 (-3,951) * EPS was SEK 0.00 (-0.02) for the report period * Borehole 210 strikes oil - confirms that ZL and LL oil fields are connected * Production targets for May and June delayed two months. Production target for year-end remains * Malka Oil becomes 100% owner of its subsidiary STS-Service * Western reserve study, "CPR", will be completed in June