Approved prospectus and commencement of bookbuilding and application period

Reference is made to the release from Oslo Stock Exchange dated 25 May 2011 regarding the approval of Fram Exploration ASA (“Fram Exploration” or the “Company”, ticker: FRAM) for listing on Oslo Axess and the Company’s stock exchange notice of 3 June 2011 setting out the transaction details for the Company’s initial public offering..

The Financial Supervisory Authority of Norway has approved the prospectus for the offering of minimum 3,300,000 and maximum 8,149,000 shares in Fram Exploration and listing of the Company’s shares on Oslo Axess. The indicative offer price range has been set from NOK 32 to NOK 44 per Offer Share. The subscription period for institutional investors is from and including 7 June 2011 to 17:30 CET on 17 June 2011. For retail investors the application period is from and including 7 June 2011 to 12:00 CET on 17 June 2010.

The first day of trading of Fram Exploration´s shares on Oslo Axess is expected to be 21 June 2011.

For further information on the offering and listing, please refer to the Company’s stock exchange notice of 3 June 2011 and the prospectus.

ABG Sundal Collier and Arctic Securities are acting as joint lead managers and joint bookrunners in connection with the initial public offering. The prospectus is available from today at the Company´s web page www.framexploration.no, and, for Norwegian persons resident in Norway, at the managers´ web pages www.abgsc.no and www.arcticsec.no. The prospectus is also available at the business office of ABG Sundal Collier Norge ASA and Arctic Securities ASA. 

Contact:

 

Fram Exploration ASA
John O’Keefe
Houston, USA
+1 (713) 725-1876
john.okeefe@framexploration.no
 
Crux Kommunikasjon AS
Morten Skauge
Oslo, Norway
+ 47 95 97 92 97
morten.skauge@crux.no

About Fram Exploration:

Fram Exploration is an international E&P company with oil & gas assets onshore in the states of Colorado and North Dakota in the United States and in the Republic of Trinidad and Tobago. The Company has significant worldwide industry experience in the technical disciplines of geology, geophysics, reservoir modeling, petroleum engineering, operations management, drilling, and completion expertise. The Company targets undervalued assets in regions with politically stable regimes and attractive fiscal terms. For more details see www.framexploration.no

Important information

The information included in this press release contains certain forward-looking statements that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties including but not limited to: the supply and demand for oil and US natural gas, cost of drilling services, the ability to raise necessary capital to fund growth, adequate liquidity to manage operations and debt obligations, reliance upon lenders, contractors and vendors, unpredictable changes in governmental regulations affecting our markets and extreme weather conditions together with such other risk factors as may be included in the Company's filings or its periodic filings.

For a further description of other relevant risk factors we refer to the prospectus. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business.

 This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Fram Exploration does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.

In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any member State, the “Prospectus Directive”), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This communication is directed only at persons who (i) are outside of the United Kingdom or (ii) have professional experience in matters relating to investments or (iii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons

Any reliance on the information above is at the risk of the reader, and the Company disclaims any and all liability in this respect. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.