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Cyprus, 13 July 2011

SeaBird Exploration PLC ("SeaBird" or "SBX") has requested the Bond Trustee to summon a Bondholders' meeting on 21 July 2011 for the holders of the FRN SeaBird Exploration Ltd Open Bond Issue 2006/2009 - ISIN 001 032604.4(ticker code SBX 01 PRO).

SeaBird proposes a resolution to be passed whereby the maturity of the loan at net NOK 81.75 million is extended by two months to 14 September 2011, with a repayment price at 104% of par value. The Company has the option to exercise a call option to redeem the remaining Loan in whole or in part before 1 August 2011 at a price of 101% of par value and before 1 September 2011 at a price of 103% of par value.  Interest rate will be adjusted to 3 months NIBOR plus 9.25% accruing from 14 July 2011.

Bondholders representing more than 2/3 of the votes in the Bond Loan have committed to support and vote in favour of the proposal.

The shortage of funds needed to settle the bond issue on maturity is caused by the aftermaths of the 4 months idle time December to March 2011 of the OBN operation with Hugin Explorer and Munin Explorer in standby mode. Furthermore some of SeaBird's 2D/3D vessels were mobilising for work during Q1 2011, and one vessel was working on Multiclient surveys for 6-7 months where cash income from sales has been delayed.

SeaBird is aiming to settle the Bond within 14 September 2011, through its operating activities, receiving compensation from sale of Multiclient work and potential settlement of some long overdue outstanding receivable. An additional source for SeaBird will be to evaluate alternatives which will further strengthen the company's financial position.

The two months postponement will give SeaBird valuable time to conclude dialogs with prospective clients to improve the company's backlog in order to strengthen the basis for refinancing.

SeaBird has appointed ABG Sundal Collier Norge ASA and Fearnleys Fonds ASA as financial advisors.

For further queries contact:

Tim Isden
CEO SeaBird Exploration
Phone: +971 504 539075 

Kai Solberg-Hansen
CFO SeaBird Exploration
Phone: +47 920 51 455

SeaBird Exploration PLC "SeaBird" is a global provider of marine solutions for seabed acquisition of 3D/4C/4D multimode seismic data with OBN operations, marine 2D and 3D seismic data, 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 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 pursuant to section 5-12 of the Norwegian Securities Trading Act.