Corral Petroleum Holdings AB (publ) announces that a waiver has been received

Corral Petroleum Holdings AB and its subsidiary Preem Petroleum AB are parties to a syndicated bank credit facility. As of September 30, 2007 the debt service cover ratio required by the credit facility was not met.

The Borrowers have received a waiver to the default of September 30, 2007.

For further information, please contact:

Magnus Heimburg, Chief Financial Officer
Office:            +46 10 450 10 44
Email:             magnus.heimburg@preem.se