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February 28, 2008. British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI) (`SeaBird` or `SBX`) today announced its successful placement towards institutional and private investors of 8,100,000 new shares at a price of NOK 15.00 per share. The share issue represents approx. 10% of the shares outstanding prior to the placement, and the offering was significantly oversubscribed. Total gross proceeds from the share issue are NOK 121,500,000.
 
The private placement was managed by ABG Sundal Collier Norge ASA.
 
Bartica Holdings Limited, a company 100% controlled by Mr Tim Isden, the Chairman and CEO of SeaBird Exploration, was allocated 1,040,000 shares in the private placement. Mr. Isden holds after the transaction, directly and indirectly through wholly-owned companies, 11,360,000 shares in SBX, representing 12.7% of the shares outstanding.
 
In order to secure fast delivery of shares to the investors, the 8,100,000 shares offered in the private placement comprise of already existing shares made available to the ABG Sundal Collier Norge ASA by a stock lending agreement between ABG Sundal Collier Norge ASA, Bartica Company Limited and SeaBird Exploration Limited (BVI). The Board has exercised the authority granted to them under the Company`s Memorandum and Articles of Association to fulfill their commitment under the stock lending agreement. The total number of outstanding shares after the issue will be 89,395,000 shares.
 
 
For further queries contact:
 
Tim Isden
Chairman and CEO SeaBird Exploration
Phone: +971 504 539075
 
Geir Olsen
CFO SeaBird Exploration Limited
Phone: +47 916 39367
 
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SeaBird Exploration Limited (BVI) `SeaBird` is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow water 2D/3D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Quality, Health, Safety and Environment (QHSE), combined with efficient collection of high quality seismic data.
 
All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company`s vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.