DNO provides the following update on the status on the lawsuit against Oslo Stock Exchange and investigation into DNO's sale of treasury shares in October 2008

Reference is made to previous stock exchange notices related to the above matters. DNO and DNO's representatives have fully supported the police investigation into this matter.

The case against the Oslo Stock Exchange for the fine of NOK 800,000 for breach of disclosure obligations has been appealed to the secondary court.

In order to protect the legal interests of DNO and the DNO representatives it has been requested that the police either drop all investigation or present a charge against DNO and the DNO representatives, the Managing Director Helge Eide, and the Chairman, Berge Gerdt Larsen.

On 9 March, 2011, the police informed DNO and the DNO representatives, that DNO and the DNO representatives in their opinion had breached the disclosure obligations in 2008 towards the Stock Exchange and in relation to the Securities Trading Act with respect to market manipulation allegations.

As far as DNO can tell the charge, which comes after 1 1/2 years of investigation, is based on the same factual circumstances forming the basis of the original decisions by Oslo Stock Exchange and the Oslo Stock Exchange Appeals Committee.

Similar allegations from the Oslo Stock Exchange based on the same facts were revoked by the Oslo Stock Exchange Appeals Committee in September 2009.

The board of DNO and the DNO representatives strongly disagree with these police charges against the Company and these representatives of DNO. DNO will defend itself and its representatives rigorously against such unfounded charges.

Tags: DNO International