10.12.08 - Notice

Reference is made to Independent Oil and Resources ASA’s (“IO&R”) announcement dated 9 December 2008 regarding a possible private placement.

IO&R has on 10 December 2008 completed a private placement of a total of 30,000,000 new shares, an increase of 10%, at a subscription price of NOK 0.55 per share. The gross proceeds from the private placement amounts to NOK 16,500,000.

The proceeds from the planned private placement will be used to strengthen IO&R's cash position hereunder reduce its debt related to investments.

Upon registration of the new shares issued in the private placement, IO&R’s share capital will amount to NOK 8,400,153 – corresponding to 336,006,146 shares, each with a par value of NOK 0.025.

The private placement was managed by ABG Sundal Collier.

Independent Oil and Resources ASA

Board of Directors

10 December 2008

For further information, please contact

Bernt Skeie, CFO: tel: +47 95 04 60 31