1. 1 Northern Oil / NaturGass Company presentation Oslo, June 1 st 2005

2. 2 Certain statements included herein may constitute forward-looking statements that involve a number of risks and uncertainties. Such forward- looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise. No assurance can be given that such expectations will prove to be correct. These forward-looking statements are subject to certain risks and uncertainties including, but not limited to, the risk factors discussed in the chapter 9 of the company’s prospectus dated February 9 2005. In light of these risks, uncertainties and assumptions, the forward-looking events presented in this documentation might not occur, and the Company’s actual results could vary materially from such forward-looking statements. The Company, its management and its board of directors expressly disclaim any obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law. Important notice Conversion factors 1) 1) Source: BP`s Statistical Review of World Energy 2004

3. 3 Existing platform E&P Brazil 26,5% share Coral on stream: 3 wells – 2005: 8600 bpd EdM: On stream 2006 CM: On stream 2007 E&P US 250 producing wells Drilling program includes a minimum of 120 new wells over next 4 year period Almost 100.000 secured acres of land (400 new wells) G&T US 550 km of pipeline Able to connect more than 6.500 wells 19% capacity utilisation presently Strong platform on which to create a profitable growth company NOI Manati 10,0% Production start 2006 Double the group’s current production and almost double P1 and P2 reserves (100% to be in P1 - 6.6Bm3, P1 and P2 - 21.9 Bm3). Drilling of 5 scheduled exploration wells in 2005. Total project estimate to USD85 million

4. 4 Highlights year to date Northern Oil ASA and NaturGass (USA) AS merged February 25 th Q 1 pro forma EBITDA figures for Group totaled USD 5.2 million Oil production totaled 2.200 bpd in Q 1, slightly below year target with an achieved oil price of 46.40 USD Gas production totaled 276,636 Mcf, in line with year target and an increase of 42% from Q1 2004 Pipeline division gas throughput increased 14% from Q1 2004, to 1,172,148 Mcf Company succeeded to be fully reinstated in Cavalho Marino license in Brazil, securing approx 50% of the company’s oil reserves (pre Manati) The company has negotiated a deal to become 10% owner of the Manati gas field, currently being developed doubling company reserves and production Total funding of the Manati project is estimated to USD 85 million. Planned bank financing of + USD 50 million, of which USD 37 million has been approved.

5. 5 Q1 Report Profit & Loss statement : Pro forma figures

6. 6 Q1 Report Balance sheet: Consolidated figures

7. 7 Debt overview

8. 8 Q1 Report E&P Brazil Oil production Q1-05 totalled 2.200 bpd net vs 1.940 bpd Q1-04 Received oil price was USD 46,40/BOE vs USD 32,12/BOE EdM: On stream 2006, total capex net estimated to USD 20 mill CM: On stream 2007, total capex net estimated to USD 30 mill

9. 9 Q1 Report E&P USA Gas production Q1-05 totalled 276,636 Mcf net vs 195,438 Mcf Q1-04 Received gas price was USD 5,78/MMbtu vs USD 4,17 MMbtu Still 4 of the successful 2004 wells not on stream 30 well drilling program to commence June 2005

10. 10 Q1 Report G&T USA Gas throuhgput Q1-05 totalled 1,172,148 Mcf net vs 1,024,439 Mcf Q1-04 Received unit price was USD 0,44/Mcf Pipeline utilisation <20% New delivery points established Compression rental agreement expires end of Q3 Significant deep gas discoveries around pipeline location

11. 11 Manati Project Assets 10% interest in shallow water significant gas discovery 10% interest in 3 exploratory wells scheduled for 2005 10% interest in off- and onshore pipeline and processing plant 18,3% interest in 2 exploration licences, each scheduled for 1 well in 2005 77 Bcf net (P1+P2) + condensate 10% interest in 10 mill Boe oil and 70 Bcf gas field to be unitized 5 exploratory wells? Mid 2006 20.000 Mcf per day each of the first 4 years, then new plateau at 14.000 for next 4 years Minimum volume 56 Bcf Price per January 2005 estimated to somewhat above USD 3 per MMBtu. Paid in Reais and adjusted with CPI. Opex USD 1.3mill first full year (2007). Reserves Take & pay contract Production start Production profile Total funding estimated to USD 85 million. Applied for Bank financing of + USD 50 million of which USD 37 million has been approved Capital and finance

12. 12 Reserves according to Independent reviews MMbblE Brazil (1) US (2) Total Proven 8,784,5513,33 Probable 5,220,675,89 Possible 4,883,868,74 Totals18,889,0827,96 Norse Energy has 19,22 million BOE proven and probable reserves Source: 1) Gaffney Cline (2002/2005) 2) Schlumberger (2005)

13. 13 Reserves 100% basis Brazil E&P: Reserves and production step-up Distribution of recoverable reserves 1) 100% basis Technical development likely to increase recoverable reserves over time? What are the investments needed to start production on EdM and CM? What will future production levels be? Company reserves: 71,1 MMbbl x 26,5% = 18,9 MMbbl Brazil E&P: Reserves distribution MMbbl 1) Source: Coral: Gaffney Cline Febr.2005 EdM/CM: Gaffney Cline May 2002

14. 14 Company investments in EdM & CM company’s part of investments Brazil E&P: Reserves and production step-up Yearly anticipated production 1) company’s share of production Approx USD 50 mill is company share of needed investments EdM and CM to come on stream in 2006 and late 2007 respectively Financial impact? Mill USD Mill barrels per year Brazil E&P: Production and investments 1) Source: Coral: Gaffney Cline Febr.2005 EdM/CM: Gaffney Cline May 2002

15. 15 US: E&P Drilling volume potential US E&P: Volume effect of drilling The company’s ambition is to drill approx 30 wells in 2005, 40 in 2006 and 50 from 2007 and forward 1) Effect of defined program 30 new wells per year 2) Effect of company secured land The company has secured almost 100.000 acreas of land –200 wells in the Moon area –200 wells in Medina land Easily more land could be secured in the Moon area (200 additional wells) Each new well will on average produce 70 mcf per day The company has a 90% success rate in converting exploration wells into production wells MMcf Source company analysis

16. 16 US: 250.000 MCF added reserves per successful new well drilled US E&P: Reserves development Bcf 50 new wells in 2007 and onwards. 30 in 2005 and 40 in 2006

17. 17 1.MARGIN: Reduce cost base by purchasing compression instead of leasing – save $0,6 m on annual basis with $2,0 m investment 2.IMPROVE POSITION: Establish new delivery point by May. Increase income by $0.5 MM annually. Investment estimate $0.3 MM. 3.INCREASE THROUGH PUT 1): Own production increase will increase throughput 4.INCREASE THROUGH PUT 2): Improve penetration of the 11.000 producing wells located around Norse pipeline – Huge potential!! 5.M&A Opportunities to expand operation by acquiring defined add-on businesses US: GATHERING & TRANSMISSION Strategy

18. 18 Summary The company’s management and shareholders are dedicated to pursue an aggressive and profitable growth strategy The company has an exciting business platform which provides a number of growth avenues The company’s production and cash flow will increase significantly over the next 3-year period both in Brazil and USA In addition to organic growth, the company intends to take advantage of the many M&A opportunities that can add synergies and profitable growth to the existing platform Norse Energy  From potential to cash flow and profitability