COMMODITY QUEST SUBSCRIPTION CANCELLED BY NORDIC PETROLEUM AS

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With reference to the announcement on the 1st of March 2011 when Commodity Quest and Nordic Petroleum issued a notice detailing the investment made by Commodity Quest for a 10 % ownership in Nordic Petroleum AS.

The parties have an agreed upon payment schedule which is now grossly in arrears by Commodity Quest.

The board of Nordic Petroleum AS has therefore chosen to cancel the unpaid shares.

Commodity Quest has 12,1 mill shares corresponding to 3,1 % ownership.

Nordic Petroleum is working independently of the above with partners for the completion of the financing of the Chard field, as announced previously. These negotiations have, for various reasons, taken considerably longer than expected. The company nevertheless anticipates that these negotiations will be completed by the end of the first half-year.

Fredrikstad, Norway 20.5.2011

Nordic Petroleum AS
Contact Arild Tolfsen with enquiries,
Mobile : +47 93 09 98 59,
E-mail : arild.tolfsen@nop.as