SeaBird - Option allocation

Cyprus, 20 February 2012 

SeaBird Exploration PLC ("SBX") hereby announces, with
reference to its release of 6 February 2012 concerning
management changes, that it has today finalized the
employment terms for its new CEO Mr Dag Reynolds. In
addition to fixed salary on market terms, Mr Reynolds
will receive 30 000 000 share options at a strike
price of NOK 0,25 (equaling the average share price on
the trading day 6 February 2012 + 10% approx.). The
share options are exercisable with 1/3 from 16
February 2013 to 16 April 2013, 1/3 from 16 February
2014 to 16 April 2014 and 1/3 from 16 February 2015 to
16 April 2015. Mr Reynolds do not hold shares in SBX
at the date hereof.

For further queries, please contact Jan-Eivind Fondal
CEO SeaBird Exploration PLC
+47 46886200

SeaBird Exploration PLC is a global provider of marine
acquisition for 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/deep 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 acc. to §5-12 vphl (Norwegian Securities
Trading Act)