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 expected level. The second development well reached total depth in November and is expected to be tied in to sales in December. The logs from this well indicate that production should be at the expected levels after fracturing and co-mingling.

Production from the fields has improved and together with the sales from the latest well the current production is again above 2,500 boepd.

After drilling the second development well, the rig has moved to drill the first exploration well on a new structure. This well is expected to reach total depth and be completed before end of December. A second exploration well may be drilled immediately after on another structure.

Should the exploration wells discover gas as expected, the necessary pipelines and facilities will immediately be installed in order to start delivering gas to sales within first quarter of 2009. Given success a development program will be initiated, and will be funded by cash flow from operations. As previously announced, the structures tested by these exploration wells have the potential to double the current production of Rocksource to 5,000 boepd and to double reserves to 10 million boe.

Oslo 5.12.2008
Rocksource ASA


Trygve Pedersen
CEO

+47 90 09 77 41