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Q4 2008 PRESENTATION – SOLID FINANCIAL POSITION AND SUCCESSFUL PORTFOLIO DEVELOPMENT

Rocksource’s fourth quarter 2008 results and preliminary results for 2008The fourth quarter 2008 was again a solid one for Rocksource, where the cash flow was positive in the quarter, giving a record high cash balance at the year-end of NOK 269.4m. In addition the Group has an unutilised bank loan facility of NOK 205.0m available. Successful awards in the APA 2008 round on NCS with two new operated licenses, as well as four new licenses awarded in the 25th licensing round on the UKCS, demonstrate that Rocksource is now regarded as a competent and competitive operator.Please find attached

APA 2008 AWARDS TO ROCKSOURCE

Rocksource ASA (Rocksource) is pleased to announce the awards of two new licenses in the APA 2008 Licensing Round on the Norwegian Continental Shelf (NCS) announced by the Ministry of Oil and Energy on Thursday 18 November. Both licenses contain high potential prospects that can be de-risked with electromagnetic (CSEM) data. In both licenses Rocksource was awarded operatorship.PL 506S, Blocks 26/5&8.The license is located in the Stord Basin in the North Sea, east of the Jotun and Grane Fields. The license is stratigraphically divided and PL 506S comprises the stratigraphy above Top

UPDATE ON THE WORK PROGRAM ON LICENSE CY-DWN- 2001/1

Rocksource has been confronted with unofficial information, sourced from Indian websites, about the operational status on block CY-DWN-2001/1. To ensure that Rocksource is in compliance with the Oslo Stock Exchange regulations the company is releasing the following information:Well number 2 in the work program is currently drilling. Results from the drilling will be published in due time.The work program in the block consists of 3 wells. This is a commitment taken on by all partners on the block, and Rocksource has been informed by the operator that they have sanctioned drilling of well

NOVEMBER 2008 PRODUCTION UPDATE AND START OF EXPLORATION DRILLING

Rocksource ASA (“Rocksource”) announces that the November 2008 production from its US subsidiaries averaged 2,260 boepd (barrels of oil equivalent per day). This compares to the reported October production of 2,113 boepd and 1,263 boepd in November 2007. The stated production numbers are based on metered daily production, and may thus differ slightly from the final production volumes that will be used for accounting purposes due to changes in stock volumes etc.The first development well in the 2008 campaign started to deliver gas for sales late November and is currently producing at the

MANDATORY NOTIFICATION OF TRADE

Options exercised by primary insider 26th of November 2008:Jonny Hesthammer, VP of technology in Rocksource, has exercised 265,136 options to acquire 265,136 shares at the strike price of NOK 0.25. After exercising the options, Jonny Hesthammer holds no further unexercised options in Rocksource. After completion of the abovementioned transaction Mr. Hesthammer controls 21,639,705 shares in Rocksource directly or through his company Jonny Hesthammer AS.Oslo, 27.11.2008Rocksource ASATommy SundtCFO+47 90 85 50 00

CONVERSION OF OPTIONS/SHARE CAPITAL INCREASE

Through the Rocksource Group`s option program employees have today exercised 1,261,802 options in Rocksource ASA (`Rocksource`) at nominal value NOK 0.25 per share. This is equal to a share capital increase of NOK 315,450.50.On the 26th of November the Board of Directors of Rocksource approved the issue of 1,261,802 new shares in Rocksource, following the authorization of the option program given by General Meetings, last on 7 May 2008. After the issue of the new shares the share capital of Rocksource will be 146,950,094.50 and the total number of shares in the company will be587,800,

Q3 2008 - INTERNATIONAL GROWTH WITH SOLID FINANCIAL RESULTS

The third quarter 2008 was a solid quarter for the company where net profit, as well as cash from operations, were positive in the period. This was driven by high realised oil and gas prices, and positive impact from currency exchange rate. The Group successfully farmed in to prospective acreages in India and West Africa during the quarter. Exploration activity on NCS remains high with applications submitted for the 20th licensing round and APA 2008 round in Norway, and completion of the acquisition of CSEM data on PL 456, which is the 100 % owned license on NCS. In addition, evaluation of

INVITATION TO PRESENTATION OF THIRD QUARTER 2008 ON 19 NOVEMBER, CHANGE OF DATE

Rocksource ASA invites to a presentation on Wednesday 19 November in connection with the announcement of the third quarter 2008 report, where we will give an update of activities and milestones.Please note that the date for the presentation has been changed from the originally announced 12 November. This is due to necessary management travel activities. The company apologizes for any inconvenience caused.Time: Wednesday 19 November, 8.30 amVenue: Konferansesenter Vika Atrium (Thon Conference), Munkedamsveien 45, OsloPlease notify your attendance to Mette Valdem, by e-mail mette.

OCTOBER 2008 PRODUCTION UPDATE AND COMPLETION OF ADDITIONAL SUCCESSFUL PRODUCTION WELL

Rocksource ASA (“Rocksource”) announces that the October 2008 production from its US subsidiaries averaged 2,113 boepd (barrels of oil equivalent per day). This compares to the September production of 2,290 boepd and 1,033 boepd in October 2007. The stated production numbers are based on metered daily production, and may thus differ slightly from the final production volumes that will be used for accounting purposes due to changes in stock volumes etc.The new production wells in the ongoing new drilling campaign, described in further details below, are expected to bring total production

UPDATE ON THE WORK PROGRAM IN BLOCK CY-DWN-2001/1

Reference is made to the stock exchange notice published 31 October 2008.Rocksource has been confronted with unofficial information, sourced from Indian websites, about the outcome of the first well in the work program on block CY-DWN-2001/1. To ensure that Rocksource is in compliance with the Oslo Stock Exchange regulations the company is releasing the following information:As announced earlier the partnership in block CY-DWN-2001/1, consisting of ONGC (45%), Oil India (20%), Petrobras (25%) and Rocksource (10%, subject Indian Authority approval), has completed the first of three wells

OPERATIONAL UPDATE FOR BLOCK CY-DWN-2001/1

Reference is made to the stock exchange notice dated 16 September 2008.The CY-DWN-2001/1 block has a three well work programme. The first well has been drilled and further exploration wells will be drilled in 2008.Final results from well operations will be announced by the operator Oil and Natural Gas Company Ltd (ONGC) and the government regulator the Directorate General of Hydrocarbons (DGH), in accordance with practice on the Indian Continental Shelf.Rocksource still maintains its very positive view of the CSEM positive prospectivity on the block, as announced previously.Oslo, 31.

SUCCESSFUL COMPLETION OF NOK 250 MILLION BANK LOAN FACILITY FOR NCS EXPLORATION

Rocksource ASA (“Rocksource”) is pleased to announce the successful completion of a bank loan facility of NOK 250 million with DnBNOR Bank ASA related to exploration on the Norwegian Continental Shelf (NCS).The purpose of this new loan facility is to strengthen the company’s financial base to ensure the execution of the increased activity level on the NCS. Rocksource is stepping up the pace on maturing owned acreage, including further CSEM testing in Q3 2008, as well as preparing to capture additional acreage through high quality competitive applications in the APA- and the 20th-licensing

ROCKSOURCE TO PARTNER WITH ONGC IN EXTENSIVE EXPLORATION ACREAGE OFFSHORE INDIA

After the close of the stock exchange yesterday Rocksource signed an agreement with the Indian state oil company ONGC to farm into 10% of the exploration block CY-DWN-2001/1 located in the Cauvery Basin, offshore south eastern India. The block covers an area of 12,425 km2, which is equivalent in area to approximately 30 exploration blocks on the Norwegian Continental Shelf. The work programme requires three exploration wells to be drilled in the first phase with options to extend into a second and third exploration phase, on success. ONGC is the block operator with Oil India and Brazilian

UPDATE ON FARM-IN NEGOTIATIONS WITH ONGC

As announced on the 4th of August 2008 Rocksource is in advanced stages of negotiations to complete a farm-in agreement with ONGC for a 10% equity stake in exploration block CY DWN 2001/1, on the Indian Shelf. This process is moving ahead and Rocksource expects the agreement to be completed by early September.The operator is progressing with the work programme, and the drilling of the first well has now started. Results are expected from the middle of September depending on operational progress. This high-impact well is targeting the primary prospect where Rocksource has completed an

Q2 2008 - HIGHER PRODUCTION REALISED AT RECORD OIL AND GAS PRICES

The second quarter 2008 marked a milestone for the Rocksource Group (`Rocksource` / `Group`), where profit before tax, as well as cash from operations, were positive in the period. This was driven by higher stable production, supported by record high oil and gas prices. In addition to a maturing license portfolio, specially focused on the Breiflabb prospect on NCS, exploration activity remains high with applications submitted for the UK 25th round and preparations for upcoming licensing rounds in Norway. Focus remains on NCS activities, as well as further inorganic international growth.

EXPLORATION UPDATE: EM TEST OF NCS PROSPECT AND LICENSING ROUND STATUS

The Rocksource Group (“Rocksource”) is continuing to build up its exploration portfolio with the aim of delivering a drill queue of high-impact, low risk exploration wells. The process involves the acquisition of acreage and the testing of prospects with Controlled Source Electro-Magnetic (CSEM) surveys, integrated with more traditional data. Licences that show positive results will then be accelerated to drilling, while others are dropped. Rocksource aims to drill its first CSEM based well in 2008. The following information provides a progress update on some of the ongoing activities.

MAY 2008 PRODUCTION UPDATE AND STATUS NEW DRILLING CAMPAIGN

Rocksource ASA (“Rocksource”) is pleased to announce that the May 2008 production from its US subsidiaries averaged 2,500 boepd (barrels of oil equivalent per day). This is similar to the April production level and compares to an average production in 1st quarter 2008 of 2,163 boepd. The stated production numbers are based on metered daily production, and may thus differ slightly from the final production volumes that will be used for accounting purposes due to changes in stock volumes etc.As reported last month, production from the last well had to be constrained until a permanent tie-in

ROCKSOURCE JOINS ROSE RESEARCH CONSORTIUM

Rocksource has joined the ROSE (ROck SEismic) project. The project is a research consortium, funded by the Norwegian Research Council (NFR) and oil companies, at the Department of Petroleum engineering and Applied Geophysics, Norwegian University of Science and Technology (NTNU).The focus of the project is research within the following areas: rock physics, geo-mechanics, time lapse seismic, reservoir characterization, seismic imaging and inversion.Other participants in the project are BP, CGGVeritas, Petrobras, Shell, Chevron, Conoco-Phillips, DNO, ENI, Exxon-Mobil, StatoilHydro, BG,

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