Third Quarter Earnings Announcement November 16th 2005

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

2. Agenda • Q3-2005 in a nutshell => Rocksource on track! • Activities • Financials • General Update • Technology Update • 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

8. Balance Statement - key figures

9. Cash Flow - key figures

10. Production and Revenue

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 Production John Howell • Vice President Business Dev. Trygve Pedersen • Vice President E&P Projects Gregor Maxwell • Board of Directors • Chairman Arve Johnsen • Vice Chairman Mimi K. Berdal • Board member Dag Dvergsten • Board member Berge Gerdt Larsen • Board member Anne-Grete Ellingsen

14. Business Structure Rocksource ASA Oil and Gas Technology Minerals and Metals 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? • Significant risk reduction in exploration • State of the art integrated processing and interpretation of • Geology • Seismic and ElectroMagnetic data • EOR – Enhanced Oil Recovery • Reservoir modelling • EM into production • Long term collaboration with CIPR

19. Milestones • Rocksource Geotech core-team in place in new offices 15.11 • Restructuring of Ghana consortium 27.10 • Private Placement of NOK 260 mill 06.09 • Deal with DNO ASA on Jaguar field, UKCS 16.08 • Application for E&P licenses offshore Ghana 16.08 • Seismic data acquisition offshore Colombia – InSeis 22.06 • Private placement of 29,6 million shares – Fidelity 15.06 • JIP / Statoil, Interaction – Technology Development 02.06 • New CEO 01.06 • Acquisition of Rocksource Geotech 31.05 • New Ace field – farm in deal with Sandhawk 13.04

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