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SEABIRD HAS SUCCESSFULLY COMPLETED A SHARE ISSUE
 
SeaBird Exploration Ltd (SBX) has after close of trading on 7 September 2006 completed a directed share issue of NOK 200 million. The subscription price was set to NOK 35.00 per share. The directed issue consisted of 5,714,000 new shares. The transaction was oversubscribed.
 
The purpose of the placement was to finance continued fleet expansion, securing long lead items and settlement of a proportion warrants in relationship to the acquisition of SeaBed Geophysical AS.
 
The new shares will be issued in accordance with the Board proxy established at the company's General Meeting held on 4 March 2006. After registration of the share issue, the total number of issued shares in the Company will be 81,295,000.
 
The directed share issue was managed by ABG Sundal Collier and Kaupthing.
 
To expedite the settlement and delivery of shares to the investors participating in the directed share issue, Bartica and ABG Sundal Collier has entered into a stock lending agreement whereby ABG Sundal Collier borrows 5,714,000 shares from Bartica Company Ltd. (the largest shareholder in SBX).  The shares borrowed from Bartica will be returned by ABG Sundal Collier upon issuing of the new shares by SBX and release of a prospectus.
 
 
For further information, please contact:
 
Dag Reynolds, CEO, telephone: +47 90 88 37 37