Third Quarter Earnings Announcement

November 16th 2005

A focused E&P company - with game changing technology

Agenda

1. Q3-2005 in a nutshell => Rocksource on track!

Activities

Financials

2. General Update

3. Technology Update

4. Closing Remarks

Activities

Activities Q3On the positive side:• Successful fund raising => 260 MNOK

• Jaguar – rig contracted, drilling start Q1-2006– EM postponed, but may be decided later depending on drilling results

• Ghana – a reinforced Joint Venture– SunTera – operator and 50% participating interest– Rocksource – up from 20 to 30% participating interest

• Colombia – 2D seismic survey according to plan– Organizing a competitive Joint Venture in progress

• Recruitment– High potential core team in place

• Technology– In good progress

Activities Q3 - continued

On the negative side:

• Delayed production build up from New Ace

– Shut down due to maintenance of gas pipeline

– Production restart problems

– Delayed – not lost production

Financials

Profit & Loss

All figures are stated in NOK 1,000

30.09.2005 Q3 2005 Q2 2005

Total operating income

Total operating cost

Operating result

Net financials

4 108

25 990-21 883-1 741

2 325

10 910-8 585-1 218

1 743

10 093-8 350

-580

Result -23 623 -9 803 - 8 930

EPS diluted (NOK) -0,073 -0,026 -0,030

Balance Statement - key figures

All figures are stated in

NOK 1,000

30.09.2005

(IFRS)

2004

(IFRS)

Intangible assets

Goodwill

Oil and gas properties

Furniture and office machines

Fixed assets

Total receivables

Bank deposits

Current assets

110

154 563

10 104

228

165 005

251 905

49 857

301 762

41

117 534

947

85

118 607

1 009

25 544

26 553

TOTAL ASSETS 466 767 145 160

Total equity

Total liabilities

441 694

25 073

142 342

2 818

TOTAL EQUITY AND LIABILITIES 466 767 145 160

Cash Flow - key figures

All figures are stated in NOK 1,000 30.09.2005

(IFRS)

Q3 2005

(IFRS)

Q2 2005

(IFRS)

Net cash flow from:

operating activities

investing activities

financing activities

exchange rate changes (cash)

-25 117-10 220

59 588

63

-11 150-286

0

-4

-7 135-10 215

59 588

50

Net change in cash 24 313 -11 440 42 288

Cash at start of period

Cash at end of period

25 544

49 857

61 297

49 857

19 009

61 297

Production and Revenue

Production and Revenue 30.9.2005 Q3 2005 Q2 2005

Quantity:

Oil, barrels

Gas, million cubic feet

Revenue [1,000 USD]:

Oil

Gas

1,962

60.5

103.7

527.9

854

31.1

49.8

309.7

1,108

29.0

53.9

216.0

Total Revenue 631.6 359.6 269.9

Average prices:

Per barrel of oil

Per 1,000 cubic feet of gas 52.87

8.73

58.37

9.96

48.6

7.44

General Update

Rocksource shareholders – top twenty 15.11.05

Name of shareholderNumber of

shares %DNO ASA 66 569 014 12,7 %DEXIA BANQUE INTERNA SEC.DEPT. 38 264 317 7,3 %DAG DVERGSTEN AS 32 153 421 6,1 %STIFTELSEN UNIVERSITETSFORSKNING BERGEN 29 500 000 5,6 %JONNY HESTHAMMER AS 21 200 519 4,0 %BALANCED ROCK AS 21 200 519 4,0 %SKEIE GROUP AS 18 425 428 3,5 %THOMAS A. COLLINS 16 474 504 3,1 %ARVE JOHNSEN 12 542 758 2,4 %FIDELITY FUNDS-EUR. SM. 12 508 400 2,4 %JAN SJØLIE 9 683 054 1,8 %GOLDMAN SACHS INTERN EQUITY 9 316 922 1,8 %THE C.R.BEARDEN FAM. 9 299 966 1,8 %MARTIN BEKKEHEIEN 8 850 000 1,7 %ARVE JOHNSEN AS 8 850 000 1,7 %SEB LONDON A/C CLIENTS ACCOUNT 6 698 000 1,3 %DANSKE BANK SETTLEMENTS 6 698 000 1,3 %FAMHOLD AS 5 220 398 1,0 %SEB NOMINEE 4 865 000 0,9 %FIDELITY FUNDS-NORDIC 3 963 800 0,8 %Top 20 shareholders 342 284 020 65,1 %Others 183 873 714 34,9 %Total 526 157 734 100,0 %

Rocksource Team

• Management – CEO Martin Bekkeheien– Deputy CEO Jan Sjølie– CFO Tommy Sundt– CTO Exploration Jonny Hesthammer – CTO Production John Howell– Vice President Business Dev. Trygve Pedersen– Vice President E&P Projects Gregor Maxwell

• Board of Directors– Chairman Arve Johnsen– Vice Chairman Mimi K. Berdal – Board member Dag Dvergsten– Board member Berge Gerdt Larsen– Board member Anne-Grete Ellingsen

Business Structure

Rocksource ASA

Oil and Gas Technology Minerals and Metals

Rocksource Energy CorporationTexas, 100%

Rocksource Energy CorporationTexas, 100%

Rocksource Geotech AS100%

Mesaloma SAEcuador

100%

Rocksource Vision and Strategy

Rocksource is an E&P company – not a service company. This strategy ensures that our technology and know how is leveraged in the best interest of our shareholders.

By utilizing advanced EM technology and know how as leverage, the Rocksource team is committed to build an attractive portfolio of E&P assets and generate future cash flow.

We shall deliver significant risk reduction and increased success rates in exploration through the use our EM tool box and know how.

Value proposition to other E&P companies

A value adding partner – contributing with:

• Risk and cost reducing EM technology and know how

• Own deal flow in frontier areas

• Capital

Business model - E&P portfolio development

• Farm ins in E&P licenses

• Application for new exploration licenses in frontier areas

• Tail end production – EOR and reopenings

• Cooperation with seismic companies

What makes Rocksource a different player?

1. Significant risk reduction in exploration

2. State of the art integrated processing and interpretation of– Geology– Seismic and ElectroMagnetic data

3. EOR – Enhanced Oil Recovery– Reservoir modelling– EM into production– Long term collaboration with CIPR

Milestones

• Rocksource Geotech core-team in place in new offices 15.11

• Restructuring of Ghana consortium 27.10

• Private Placement of NOK 260 mill 06.09

• Deal with DNO ASA on Jaguar field, UKCS 16.08

• Application for E&P licenses offshore Ghana 16.08

• Seismic data acquisition offshore Colombia – InSeis 22.06

• Private placement of 29,6 million shares – Fidelity 15.06

• JIP / Statoil, Interaction – Technology Development 02.06

• New CEO 01.06

• Acquisition of Rocksource Geotech 31.05

• New Ace field – farm in deal with Sandhawk 13.04

Technology Update

Closing Remarks

Future Success Indicators

Partnerships with E&P companies

Partnerships with seismic companies

Early access to data in frontier areas

Revisiting mature areas: Existing seismic + EM

High performing core teams

Bringing EM onshore and into production