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

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

Activities

Activities Q3 On the positive side: Successful fund raising => 260 MNOK Jaguar – rig contracted, drilling start Q –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, Q3 2005Q Total operating income Total operating cost Operating result Net financials Result EPS diluted (NOK)-0,073-0,026-0,030

Balance Statement - key figures All figures are stated in NOK 1, (IFRS) 2004 (IFRS) Intangible assets Goodwill Oil and gas properties Furniture and office machines Fixed assets Total receivables Bank deposits Current assets TOTAL ASSETS Total equity Total liabilities TOTAL EQUITY AND LIABILITIES

Cash Flow - key figures All figures are stated in NOK 1, (IFRS) Q (IFRS) Q (IFRS) Net cash flow from: operating activities investing activities financing activities exchange rate changes (cash) Net change in cash Cash at start of period Cash at end of period

Production and Revenue Q3 2005Q Quantity: Oil, barrels Gas, million cubic feet Revenue [1,000 USD]: Oil Gas 1, , Total Revenue Average prices: Per barrel of oil Per 1,000 cubic feet of gas

General Update

Rocksource shareholders – top twenty

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

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%

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 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 JIP / Statoil, Interaction – Technology Development02.06 New CEO01.06 Acquisition of Rocksource Geotech31.05 New Ace field – farm in deal with Sandhawk13.04

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