03.08.11 - Rights issue

The Board of Directors of Independent Oil & Resources ASA, yesterday on 2 August 2011, resolved to carry out a Rights Issue of up to 319 504 609 New Shares at a Subscription Price of NOK 0.10 per New Share, with Subscription Rights for Existing Shareholders as of the end of 2 August 2011. Accordingly, the shares in Independent Oil & Resources ASA will trade ex. Subscription Rights as of today 3 August 2011

A prospectus will be prepared in connection with the Rights Issue and published once approved by the Financial Supervisory Authority of Norway.

Stavanger, 3 August 2011
Board of Directors