Noreco's total 1P reserves as of 31 December 2008 were 22.2 million barrels of oil equivalents, Noreco's 2 P reserves were 32.6 million barrels of oil equivalents and contingent resources 100 million barrels of oil equivalents. Noreco's classification of reserves is based on the Society of Petroleum Engineers' (SPE) Petroleum Resource Management System published in 2007. The system is a recognized resource classification system in accordance to the Oslo Børs Circular 2/2007. DeGolyer and MacNaughton, the independent, third party reserve auditor has verified the reserves.

 

The attached annual statement has been prepared according to the guidelines issued by the Oslo Børs. The statement will form part of Noreco's annual report for 2008.

 

Einar Gjelsvik, VP Investor Relations (+47 992 83 856)