STATOILHYDRO ASA EXTENDS EXPIRATION DATE IN CONNECTION WITH CONSENTSOLICITATIONS FOR CERTAIN OUTSTANDING DEBT SECURITIES

THIS PRESS RELEASE IS NOT BEING TRANSMITTED INTO ITALY
 
MEETING OF HOLDERS OF THE EUROPEAN SECURITIES IS ADJOURNED
 
Stavanger, Norway - July 3, 2008. StatoilHydro ASA ("StatoilHydro")
announced today that it is extending the Expiration Date, as
described below, for holders to deliver consents and receive a
consent payment in connection with its consent solicitations for the
proposed amendments to certain of its outstanding debt securities and
to certain outstanding debt securities of its wholly-owned
subsidiary, StatoilHydro Petroleum AS ("StatoilHydro Petroleum")
previously announced on June 10, 2008.
 
Subject to satisfaction of all acceptance conditions, StatoilHydro
will make consent payments of $1.50 per $1,000 principal amount of
the securities of any series of the 1992 Indenture Securities and the
1994 Indenture Securities (each as defined below), to holders of such
securities who have properly delivered valid and unrevoked consents
on or prior to 5:00 p.m., New York City Time on July 24, 2008, unless
the consent solicitations for these securities is extended.
 
At the meeting of the holders of the European Securities (defined
below), held on July 2, 2008, a quorum was not present and the
meeting was adjourned until July 18, 2008 at 11:00 a.m., London time
in accordance with the Trust Deed (defined below).  Pursuant to the
Trust Deed, a notice of adjourned meeting is being sent to the
holders of the European Securities.  The Expiration Date for holders
of the European Securities to deliver consent instructions and
receive a consent payment was June 27, 2008.
 
The consent solicitations relate to (i) the indenture (the "1992
Indenture") relating to its $300,000,000 6.36% Notes due 2009,
$350,000,000 9.00% Debentures due 2012 (of which $152,853,000 are
outstanding), $99,522,000 9.125% Debentures due 2014, $300,000,000
7.50% Debentures due 2016 (of which $243,825,000 are outstanding),
$250,000,000 6.70% Debentures due 2018, $300,000,000 7.75% Debentures
due 2023, $250,000,000 7.15% Debentures due 2025, $480,512,000 7.25%
Debentures due 2027, $250,000,000 6.80% Debentures due 2028, and
$275,000,000 7.15% Debentures due 2029 (collectively, the "1992
Indenture Securities"); (ii) the indenture (the "1994 Indenture")
relating to its $500,000,000 7.25% Debentures due 2027 (of which
$15,588,000 are outstanding), and the $100,000,000 9.125% Debentures
due 2014 of StatoilHydro Petroleum (of which $478,000 are
outstanding) (the "1994 Indenture Securities"); and (iii) the Trust
Deed (the "Trust Deed") relating to its £225,000,000 6.50% Notes due
2021 (of which £1,020,000 are outstanding, the "Sterling Notes") and
¤400,000,000 6.25% Notes due 2010 (of which ¤300,000,000 are
outstanding, the "Euro Notes", and together with the Sterling Notes,
the "European Securities").
 
The consent solicitations for the 1992 Indenture Securities, the 1994
Indenture Securities and the European Securities are being made upon
the terms and are subject to the conditions set forth in the
respective consent solicitation statements dated June 10, 2008.
 
Merrill Lynch International, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, UBS Limited and UBS Securities LLC are acting as Joint
Solicitation Agents.  Questions with respect to the terms of the
consent solicitations should be directed to Merrill Lynch, Pierce,
Fenner & Smith Incorporated at +1 (888) ML4-TNDR (toll-free) and +1
(888) 654-8637, to Merrill Lynch International at +44 (0)20
7995-3715, to UBS Securities LLC at +1 (203) 719-4210 (collect) and
+1 (888) 719-4210 (toll free) and to UBS Limited at +44 (0)20
7567-7480.
 
Global Bondholder Services Corporation ("GBSC") has been retained to
act as Information Agent and Tabulation Agent with respect to the
consent solicitations.  Requests for assistance in completing and
delivering the Consent Letters, related documents, requests for
additional copies of such documents and questions relating to the
payment of the consent payments should be directed to GBSC at +1 866
387-1500 (toll-free) or +1 212 430-3774 (banks and brokers).
 
This document does not constitute an offer to exchange or sell or an
offer to exchange or buy any securities.
 
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