1. Third Quarter Earnings Announcement November 16th 2005 A focused E&P company - with game changing technology

2. Agenda 1.Q3-2005 in a nutshell => Rocksource on track!  Activities  Financials 2.General Update 3.Technology Update 4.Closing Remarks

3. Activities

4. Activities Q3 On 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

5. 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

6. Financials

7. Profit & Loss All figures are stated in NOK 1,000 30.09.2005Q3 2005Q2 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

8. 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 ASSETS466 767145 160 Total equity Total liabilities 441 694 25 073 142 342 2 818 TOTAL EQUITY AND LIABILITIES466 767145 160

9. Cash Flow - key figures All figures are stated in NOK 1,00030.09.2005 (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 cash24 313-11 44042 288 Cash at start of period Cash at end of period 25 544 49 857 61 297 49 857 19 009 61 297

10. Production and Revenue 30.9.2005Q3 2005Q2 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

11. General Update

12. Rocksource shareholders – top twenty 15.11.05

13. Rocksource Team Management –CEO Martin Bekkeheien –Deputy CEO Jan Sjølie –CFO Tommy Sundt –CTO Exploration Jonny Hesthammer –CTO ProductionJohn Howell –Vice President Business Dev.Trygve Pedersen –Vice President E&P ProjectsGregor Maxwell Board of Directors –Chairman Arve Johnsen –Vice ChairmanMimi K. Berdal –Board memberDag Dvergsten –Board member Berge Gerdt Larsen –Board member Anne-Grete Ellingsen

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

15. 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.

16. 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

17. 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

18. 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

19. Milestones Rocksource Geotech core-team in place in new offices15.11 Restructuring of Ghana consortium27.10 Private Placement of NOK 260 mill06.09 Deal with DNO ASA on Jaguar field, UKCS16.08 Application for E&P licenses offshore Ghana16.08 Seismic data acquisition offshore Colombia – InSeis22.06 Private placement of 29,6 million shares – Fidelity 15.06 JIP / Statoil, Interaction – Technology Development02.06 New CEO01.06 Acquisition of Rocksource Geotech31.05 New Ace field – farm in deal with Sandhawk13.04

20. Technology Update

21. Closing Remarks

22. 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