The board of directors of Petrolia Drilling ASA ("Petrolia") intends to carry out a private placement of up to 165,000,000 new shares. The private placement will be marketed to professional and institutional investors.
ABG Sundal Collier and Pareto Securities have been retained as Petrolia's financial advisors in connection with the private placement.
Proceeds from the private placement will be used to fund Petrolia's rig investments, particularly the investment in PetroMENA AS.
Petrolia Drilling ASA 20 April 2006
For further information, please contact: Lars Moldestad, managing director, telephone: +47 906 99 197