Petrolinvest S.A.

Performance of the joint-investment agreement

The Management Board of PETROLINVEST S.A. (the “Company”, “Petrolinvest”) informs that on 20 July 2011 the Company and the following entities: (i) Hallwood Energy Group Incorporated (“Hallwood Energy”), (ii) Silurian Hallwood Limited; (iii) Silurian Sp. z o.o (“Silurian”), (iv) Silurian Energy Services Sp. z o.o. (“SES”), (v) Tabacchi Enterprises Ltd. (“Tabacchi”); and (vi) Mr Wiesław Skrobowski (hereinafter jointly referred to as the “Parties”), in performance of the joint investment agreement (the “Joint Investment Agreement”), signed a Subscription and Shareholders Agreement (hereinafter referred to as the “Agreement”).

The Management Board of PETROLINVEST S.A. (the “Company”) announces that in relation to the cash payment in the amount of PLN 5,000,000 received on 11 and 12 July 2011, made by an entity designated by Prokom Investments S.A. as the financing entity — within the meaning of the agreement on financing concluded by the Company and Prokom Investments S.A. on 20 March 2009, of which the Company informed the public in current report No 33/2009, amended by the annexes dated 31 December 2010 and 18 April 2011, of which the Company informed the public in current reports no. 1/2011 and no. 34/2011 (the “Agreement on Financing”) — which makes a direct equity investment (the “Financing Entity”), on 14 July 2011, the Company received:

The Management Board of PETROLINVEST S.A. (the "Company") announces that on 12 July 2011 the Company concluded an agreement with TOO AlatauMunaiGaz (the "Buyer"), a company registered in the Republic of Kazakhstan, which obliges itself to sell 50% of shares within the TOO Company Profit ("Profit"), an entity of the PETROLINVEST Group, registered in the Republic of Kazakhstan ("Profit Shares") (the "Agreement").

The Management Board of PETROLINVEST S.A. (henceforth the “Company”, “Petrolinvest”) announces that on 13 July 2011 the Company concluded a share sale agreement for shares in a company under a business name of Pomorskie Farmy Wiatrowe Sp. z o.o., headquartered in Gdynia (“PFW”) (“Agreement”) with its dominant entity, Prokom Investments S.A. headquartered in Gdynia ("Prokom”). Pursuant to the Agreement, the Company purchased 676,116 shares in PFW, which jointly constitute 100% of the share capital of PFW and carry 100% votes at shareholders meetings (“Shares”). Petrolinvest purchased the shares for the price of PLN 36,932,000 which will be settled in Company shares acquired by Prokom at an issue price of at least PLN 10 per share, under the conversion mechanism provided for in the agreement between the Company and Prokom of 13 January 2009, of which the Company informed the public in the current report no. 4/2009.

The Management Board of PETROLINVEST SA (“the Company”), further to the current report no 48/2011 of 7 June 2011 and the current report no 53/2011 of 17 June 2011, announces that on 12 July 2011 it was notified about the issuing by the Minister of the Environment of a decision to transfer to Silurian Energy Services Sp. z o.o. (a subidiary of Silurian Sp. z o.o.) (“SES”) four licences for exploration of oil and gas fields which had been issued earlier to Silurian Sp. z o.o. (a subsidiary of PETROLINVEST SA) (“Silurian”):

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