Northern Oil ASA Pareto Offshore Seminar September 5, 2001 John M Dahlen, CEO

Northern Oil ASA Disclaimer The documentation herein contains forward-looking statements, including beliefs and expectations. These statements are based on current plans, estimates and projections, as well as expectations about external conditions and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. We caution you that a number of important factors could cause actual results or outcomes which differ materially from those expressed in any of these forward-looking statements.

Northern Oil ASA Main holdings Naftex Energy Corporation NOI holding:79,400,000 shares % Listed at TSE (tier 3) – CDNX Trading symbol: YNF Petrolex Energy Corporation NOI holding:42,687,098 shares - 62,9% Listed at TSE Trading symbol: PXV

Northern Oil ASA Main business activities Naftex Energy Corporation * Block BS-3 - Santos Basin Offshore Brazil (Fields: Coral, Estrela-do-Mar, Caravela Sul) * WEEM-license - Eastern Desert Egypt Petrolex Energy Corporation * Rubiales Oilfield Colombia

Northern Oil ASA Naftex Energy Corporation Brazil Block BS-3

Northern Oil ASA Naftex Energy Corporation Santos Basin Brazil

Northern Oil ASA Naftex Energy Corporation Block BS-3 Brazil

Northern Oil ASA Naftex Energy Corporation Offshore Brazil - BS-3 (Santos Basin) Exploration Well:Caravela Sul Target:doubling reserves or more Reservoirs:Zones: B1 B2 B3 B4 Investments: USD 18 –22 mill Completion:September 2001 Rig:Nymphea (Pride) Share:27.5%(incl carry of Petrobras: 42.3%) Further work:evaluation, 3D seismic, appraisal drilling (??) Partners: Petrobras(35% Operator), Queiroz Galvao(30%), Starfish(7,5%)

Northern Oil ASA Naftex Energy Corporation Offshore Brazil - BS-3 (Santos Basin) Development: Coralfield Production wells:2 (3) wells Sub-sea Completion:Horizontal X-mas trees Flexible Production Lines Production unit: Semi-sub Atlantic Zephyr Capacity 20,000 bpd Offshore Loading:Storage Tanker Production start:April 2002

Northern Oil ASA Naftex Energy Corporation Offshore Brazil - BS-3 (Santos Basin) Development: Coral Estrela do Mar Investments: USD 50 mill USD 25 mill Reserves:19 (25) mill bbls 8 (10) mill bbls Prod. start up:April Q 2002 Share:27.5% Petrobras prefinancing:(share of investments 38.4%) Total reserves:27 (35) mill bbls Producing Zones B1: 9mill, B2: 18mill, B3 Partners: Petrobras(35% Operator), Queiroz Galvao(30%), Starfish(7,5%)

Northern Oil ASA Naftex Energy Corporation Egypt WEEM license

Northern Oil ASA Naftex Energy Corporation Eastern Desert Egypt

Northern Oil ASA Naftex Energy Corporation Egypt - WEEM Production 1,000 bbls/day ReservesProven 1.2 mill bbls Possible +/-10 mill bbls Revenue shareEGPC approx. 50% Share50% Operator:Cabre/Bitech (50%)

Northern Oil ASA Naftex Energy Corporation Egypt - WEEM Contemplate to dispose of the asset Disputes with partner (Cabre/Vanguard) Farm-in Operatorship Bitech has acquired Vanguard Lukoil acquires Bitech

Northern Oil ASA Petrolex Energy Corporation Colombia Rubiales Field

Northern Oil ASA Petrolex Energy Corporation Colombia Rubiales

Northern Oil ASA Petrolex Energy Corporation Rubiales – Colombia: Reserves and Production Production Start up: September 25, wells :1, ,800 bopd. Potential one year: 5-10,000 bopd Reserves (SEC definitions) Proven undeveloped: 12 mill barrels Probable undeveloped160 mill barrels Recoverable (not SEC):210 mill barrels

Northern Oil ASA Petrolex Energy Corporation Rubiales – Colombia: Operations 6 wells:down hole mechanical pumps Processing:heating and separation Storage:in-field tanks 10,000 barrels Transport:trucking to Bogotá-area Sales:to local industry as fuel oil as feed-stock for refineries Share:80% Operator:Tethys/ITS (20%)

Northern Oil ASA Petrolex Energy Corporation Rubiales – Colombia: Development 2001/2002 Completed drilling program: Vertical well: bopd Horizontal well:stuck production liner Facilities upgrades Upcoming dry season development under consideration: Wells:Re-entry, new horizontal vs. vertical Facilities:Process, Storage, Loading

Northern Oil ASA Petrolex Energy Corporation Rubiales – Colombia: Planning R eservoir Management Well optimization: Horizontal vs. Vertical Development plans incl. alternative full field developments Transport alternatives (pipeline vs. trucking) Corporation with partners Security issues Financing alternatives

Northern Oil ASA Ownership Board Management

Northern Oil ASA Major Sharholders Osprey Maritime42.73% Aksjefondet Gambak 4.21% Odin Norden 3.73% Storebrand Livsforsikring 2.40% Union Bank of Norway 2,04% 90,250,000 shares outstanding2,750 shareholders As per September 1, 2001

Northern Oil ASA Board of Director Erling Lind, Chairman Tor Olav Trøim Ole Melberg Jon-Aksel Torgersen Yngvar B Heide Pierre Godec, Special Advisor to the Board

Northern Oil ASA Management John M Dahlen, President &CEO Geir Walderhaug, Finance and Control Hans Morten Strømmevold, Operations and Development Strong local representation Rio, Bogota, Cairo

Northern Oil ASA Conclusions

Northern Oil ASA Brazil –New discovery – major upside potential –Coral and Estrela-do-Mar developments: Dev. cost $3 (2)/bbl, Opex $7 (5)/bbl Colombia –Substantial potential –Substantial risks Egypt –Insignificant – contemplated disposed of

Northern Oil ASA