PA RESOURCES: PA RESOURCES ANNOUNCES PROSPECTUS FOR RIGHTS ISSUE OF CONVERTIBLE BONDS

PA RESOURCES: PA RESOURCES ANNOUNCES PROSPECTUS FOR RIGHTS ISSUE OF CONVERTIBLE BONDS
PA Resources AB (publ) hereby announces the publication of the prospectus for the rights issue and the listing of convertible bonds in the company. The prospectus has been approved and registered by the Swedish Financial Supervisory Authority. Approximately 70 percent of the issue amount is covered through subscription commitments, guarantees and declaration of intentions.
On 4 December 2008, the Board of Directors of PA Resources AB (publ) (“PA Resources”) announced its resolution to issue convertible bonds with preferential rights for existing shareholders for a nominal amount of not more than SEK 1,164,112,032. The Board of Directors of PA Resources has prepared a prospectus regarding the rights issue and the listing of the convertible bonds on NASDAQ OMX Nordic Exchange Stockholm, which has been approved and registered by the Swedish Financial Supervisory Authority on the 8 December 2008. 

All shareholders with share holdings directly registered in VPC on the record date 11 December 2008 will receive a prospectus, an information brochure, a pre-printed issue account statement and an application form by post on or about the 15 December 2008 to the address registered in VPC. Shareholders whose holdings of shares are registered with a nominee bank or other nominee will receive information and instructions directly from their bank or nominee. Shareholders holding shares in PA Resources through VPS and whose shares are listed and traded at the Oslo Stock Exchange, will receive a prospectus, an information brochure and other materials from DnB NOR Bank ASA (the company's VPS registrar). Both the prospectus and the information brochure will be available on PA Resources' website www.paresources.se and on Carnegie's website www.carnegie.se. The printed prospectus and information brochure will also be available at PA Resources' head offices at Kungsgatan 44, level 3, in Stockholm, Sweden after the 15 December 2008, and can be ordered by e-mail paresources@paresources.se or by telephone +46 8 21 83 82.

The subscription rights will, barring unforeseen circumstances, be traded on Oslo Børs and NASDAQ OMX Nordic Exchange in Stockholm during the period 15 - 23 December 2008. Subscription for convertible bonds can be effected during the period 15 December 2008 to 2 January 2009. Subscribers utilizing subscription rights registered in the VPS, and traded the Oslo Stock Exchange, will receive convertible bonds registered in the VPS, unless otherwise arranged for through the VPS registrar (which will imply additional costs associated, inter alia with setting up a VP account with the VPC). Subscription rights registered in the VPS, and traded the Oslo Stock Exchange, must be exercised no later than 14:00 hours (CET) on 2 January 2009 in order for the VPS registrar to timely exercise the subscription rights distributed through the VPC on behalf of the beneficial holders in the VPS. For more detailed information, see the prospectus. 

Application for registration and listing of the convertible bonds will be submitted to NASDAQ OMX Nordic Exchange Stockholm. Dual listing of the convertible bonds on NASDAQ OMX Nordic Exchange Stockholm and Oslo Børs is as of the date of the prospectus not permitted. It is expected that Oslo Børs will open for such dual listing during the first quarter of 2009. To the extent such dual listing becomes possible; PA Resources AB intends to apply for listing of the convertible bonds on Oslo Børs in addition to NASDAQ OMX Nordic Exchange Stockholm. No assurances can be given as to whether a listing of the bonds on Oslo Børs will occur.

Approximately 64 percent of the total issue amount is covered by investors through subscription commitments and firm guarantees regarding convertible bonds from a consortium of investors. In addition, shareholders in PA Resources representing approximately 6 percent of the issue amount have declared their intensions to subscribe for their share of the convertible bonds. In aggregate, a total of approximately 70 percent of the issue amount is covered through subscription commitments, guarantees and declaration of intentions.

Stockholm, December 9, 2008
PA Resources AB (publ)


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR NEW ZEALAND


For further information concerning the convertible bonds, please contact:
Carnegie Investment Bank
Telephone: +46 8 588 694 86 

For further information concerning PA Resources, please contact:
Bo Askvik
CFO, PA Resources AB
Mobile phone: +46 708 19 59 18. E-mail: info@paresources.se




PA Resources AB (publ) is an international oil and gas group with the business strategy to acquire, develop and exploit oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Norway, Greenland, Great Britain, Denmark, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.
PA Resources AB's net sales amounted to SEK 2,794 Million during 2007. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the NASDAQ OMX Nordic Exchange in Stockholm, Sweden (segment Large Cap). For additional information, please visit www.paresources.se.