petrofrontier corp. announces farm-in agreemen, page-2

About Statoil ASA

Statoil is an international technology-oriented energy company focused on upstream oil and gas operations and currently produces 1.85 million barrels of oil equivalent per day.

Statoil has high ambitions for international growth and is present in more than 41 countries around the world. Statoil's shares are listed on both the Oslo Bors ("STL") and the New York Stock Exchange ("STO") with a market capitalization of approximately US$75 billion.

Statoil is approximately 70% owned by the Norwegian government.

Pursuant to the terms of the Farm-in Agreement, Statoil oil have the option to earn up to 65% of PetroFrontier's working interests in EP 103, EP 104, EP 127 and EP 128 ("EPs") and in EPA 213 and EPA 252 ("EPAs") in exchange for exploration program related payments and carried costs of up to US$210.0 million over three phases

so this how much 210 million for 65% working interests in 6 blocks

BKP has an undivided share of 25 % in 2 blocks EP 127 and and EP 128 and also the
The Company would like to clarify the locality of the Elkedra-7 well. Previously, It has been inadvertently stated to date Elkedra-7 is located on EP127 where in fact the well is located west on EP128. Baraka retains an undivided 75% working interest in approximately 75km² around the Elkedra-7 well.

Previous drilling has indicated oil shows and this zone could be of significant value in the event of a discovery.