Capital increase in Discover Petroleum resolved at General Meeting

After the capital increase, the share capital of the Company is NOK 3,052,048.77 divided on 305,204,877 shares. Through the capital increase, existing and new investors have contributed NOK 79.4 million in new equity, and NOK 62.7 million has been contributed through the conversion of bonds – which in total amounts to NOK 142.1 million. All outstanding warrants are terminated.

Furthermore, a new Board of Directors was elected, consisting of the following members:

Tor Lægreid (Chairman), Kari Riddervold, Kjell Ole Straumsnes, Børge Sørvoll and Helge Kræmer.

The resigning Chairman of the Board, Mr. Jan M. Wennesland, states in a comment:
“I am, on behalf of the Company, very satisfied that the Company in today’s General Meeting has achieved a comprehensive refinancing which forms a solid basis for further operations of the Company.”

The Board’s new Chairman, Mr. Tor Lægreid comments:
“Today the Company has achieved an important capital increase lead by the largest shareholders and bondholders in the Company. The financing solution establishes a good foundation for the performance of the Company’s exciting exploration program in the time to come. The new Board of Directors will promptly start working on further development of the Company, and inter alia aim to strengthen the composition of the Board by adding members with additional completive competence and experience.”

The General Meeting further resolved to give a limited authorization to the Board to carry out a share issue directed at those of the company’s shareholders whom did not have the opportunity to subscribe for shares in today’s capital increase.


Tromsø, 30 June 2009


Contact person:
Lars T. Bjerke, Managing Director
Mobile phone numer, (+47) 41 44 00 75