1. Quarterly Earnings Announcement August 16th 2005 A focused E&P company - with game changing technology

2. Agenda 1.Rocksource 2.Business focus 3.Financials 4.Technology 5.Outlook

3. Rocksource

4. Rocksource shareholders – top twenty 15.08.05

5. Rocksource Team Management –CEO: Martin Bekkeheien –Deputy CEO: Jan Sjølie –CTO: Jonny Hesthammer –CFO: Tommy Sundt Board members –Chairman: Arve Johnsen –Vice Chairman: Mimi K. Berdal –Dag Dvergsten –Berge Gerdt Larsen –Anne-Grete Ellingsen

6. Business Structure Rocksource ASA Oil and GasTechnologyMinerals and Metals Rocksource Energy Corporation Texas, 100% Rocksource Geotech AS 100% Mesaloma SA Ecuador 100%

7. Rocksource Vision and Strategy Our commitment is to build a focused, high performing technology driven E&P company. We shall utilize advanced technology to produce a market edge and as leverage for creating partner deals with small and medium sized E&P companies.

8. 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

9. 2005 Milestones New Ace field – farm in deal with Sandhawk:13.04 Acquisition of Rocksource Geotech:31.05 New Management Team:01.06 JIP / Statoil, Interaction – Technology Development:02.06 Seismic data acquisition offshore Colombia – InSeis:22.06 Private placement of 29,6 million shares – Fidelity: 15.07 Jaguar farm in + entering Ghana consortium15.08

10. Business Focus

11. Develop existing portfolio Leverage own exploration licence portfolio –USA onshore Sandhawk / New Ace field –EOR –cash flow –test ground for EM onshore

12. Building real book value Exploration licences – Ex. Colombia offshore, Jaguar Reserves – Ex. REC, Ghana Production –Ex. New Ace field

13. Jaguar prospect Farm in deal with DNO – 10% Prospective neighbourhood –Cormorant, Hutton, Tistle, Osprey EM opportunity and challenge An attractive business opportunity!

14. Ghana Offshore West-Africa Application for exploration licences –with proven oil and gas reserves Politically stable - favourable fiscal regime Domestic gas market

15. Financials

16. Profit & Loss All figures are stated in NOK 1,000 Q2 200530.06.2005 Total operating income Total operating cost Operating result Net financial items 1 743 10 093 -8 350 -580 1 782 15 080 -13 298 -522 Result- 8 930-13 820 EPS diluted (NOK)-0,030-0,046

17. Balance Statement - key figures All figures are stated in NOK 1,000 30.06.2005 (IFRS) 2004 (IFRS) Intangible assets Goodwill Oil and gas properties Furniture and office machines Fixed assets Other receivables Bank deposits Current assets 110 154 563 10 485 198 165 357 5 338 61 297 66 635 41 117 534 947 85 118 607 1 009 25 544 26 553 TOTAL ASSETS231 992145 160 Total equity Total liabilities 206 119 25 873 142 342 2 818 Total equity and liabilities231 992145 160

18. Cash Flow - key figures All figures are stated in NOK 1,000 Q2 2005 (IFRS) 30.06.2005 (IFRS) Net cash flow from: operating activities investing activities financing activities - 7 135 -10 215 59 588 -13 561 -10 341 59 588 Net change in cash42 28835 753 Cash at start of period Cash at end of period 19 009 61 297 25 544 61 297

19. Production 2. quarter: –1,108 boe @ 48.6 USD/boe on average –29 mill cf gas@ 7.44 USD/1,000cf on average 1. half year: –1,108 boe@ 48.6 USD/boe on average –29.4 mill cf gas@ 7.43 USD/1000cf on average

20. Game changing technology

21. Closing remarks

22. Success indicators Partnerships with seismic companies  Early access to data in frontier areas  Revisiting mature areas: Existing seismic + EM = ?? Partnerships with E&P companies Focus on core business Building high performing core teams

23. Outlook More opportunities than we can digest We know – “The proof of the pudding is in the eating”!