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Cyprus, 16th September 2010:
SeaBird Exploration PLC ('SeaBird" or "SBX") is pleased to announce the issuance of a NOK 120 million convertible, non-transferable loan in favour of Perestroika AS as lender with three years maturity. The Loan may be converted into a maximum of 35,820,895 shares in SeaBird, at any time up to 23rd August 2013 at a price of NOK 3.35 per share. If the parties agree, accrued interest may also be converted into shares in the company at the same conversion price. The loan carries an interest rate of 1% per annum. The loan is unsecured, and is provided for general corporate purposes.

SeaBird is also pleased to announce an offer from a bank consortium with BN Bank as agent to restructure the present bank debt of USD 46.9 million as of 30 June 2010 to a repayment profile of five years, with a balloon after two years (September 2012). The first quarterly instalment will take place in December 2010.  The securities in three 2D seismic vessels are maintained, but with an added security in the Nodes and Equipment in use on the OBN vessel the Hugin Explorer. The loan carries an interest rate of three months US Libor plus a margin of 4% per annum, and has normal front end fees.

The CEO, Mr. Tim Isden states: "The Board and Management of SeaBird are very satisfied with this refinancing in place, whereby about USD 20 million through the convertible loan has been provided to strengthen the working capital of SeaBird and the instalment profile has been reduced from USD 6.3 million to USD 2.35 million per quarter"

For further queries contact:
Tim Isden
CEO SeaBird Exploration
Phone: + 971 504 539075

Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: + 47 920 51455
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SeaBird Exploration PLC (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). SeaBird does not have a multi-client data library. Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), 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.

This information is subject of the disclosure requirements acc. to ยง5-12 vphl (Norwegian Securities Trading Act)