May 15, 2007 14:54 ET

Ordinary general meeting held in Statoil ASA

STAVANGER, NORWAY -- (MARKET WIRE) -- May 15, 2007 --

The ordinary general meeting in Statoil ASA (OSE: STL, NYSE: STO) resolved on 15 May 2007 to adopt the annual report and accounts for Statoil ASA and the Statoil group for 2006, as proposed by the board of directors.

The proposal for the allocation of net income, including distribution of a total dividend of NOK 9.12 per share, NOK 5.12 per share of which is special dividend, was also adopted. The dividend applies to those who were shareholders on 15 May 2007 with payments starting on 5 June 2007.

Statoil's ordinary shares listed on the Oslo Stock Exchange (Oslo Børs) will be traded ex dividend as of 16 May 2007. American Depository Shares (ADS) listed on the New York Stock Exchange were quoted ex dividend on 11 May 2007.

The ordinary general meeting approved the board's declaration on remuneration for top management.

The ordinary general meeting also authorised the board to re-acquire own shares for subsequent annulment. The authorisation is valid until the next ordinary general meeting and applies for the acquisition of up to 50,000,000 shares in the market, at a price of between NOK 50 and NOK 500 per share. The ordinary general meeting also authorised the board to repurchase own shares for implementation of the employee share saving plan in accordance with the board's proposal.

See the complete minutes of the ordinary general meeting.


Media: Ola Morten Aanestad, vice president for media relations: + 47 48 08 02 12 (mobile), +47 51 99 13 77 (office)

Investor relations: Lars Troen Sørensen, senior vice president for IR: + 47 90 64 91 44 (mobile), +47 51 99 77 90 (office) Geir Bjørnstad, vice president, US investor relations: +1 203 978 69 50

Disclaimer: This press release does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

An offer of securities in the United States pursuant to a business combination transaction will only be made through a prospectus which is part of an effective registration statement filed with the US Securities and Exchange Commission. Hydro shareholders who are US persons or are located in the United States are advised to read the registration statement when and if it is declared effective by the US Securities and Exchange Commission because it will contain important information relating to the proposed transaction. You will be able to inspect and copy the registration statement relating to the proposed transaction and documents incorporated by reference at the SEC's Public Reference Room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Statoil's SEC filings are also available to the public at the SEC's web site at In addition Statoil will make the effective registration statement available for free to Hydro shareholders in the United States.

Copyright © Hugin ASA 2007. All rights reserved.

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