Rocksource CEO steps down

Rocksource ASA (OSE: RGT) today announced that the Company’s Chief Executive Officer Trygve Pedersen has decided to step down. VP Commercial & Engineering Christopher Spencer will take on the position as acting CEO until a permanent replacement has been announced.

Commenting on his decision to resign, Mr. Pedersen said; “I have very much enjoyed my time as CEO of Rocksource. The organization is now a fully qualified operator, with a substantial exploration portfolio and multiple opportunities for value creation going forward. The 2011 drilling campaign did not give the expected results, but the portfolio today includes two significant discoveries and a highly talented team of professionals. I believe that this provides a good basis for the Company’s future. My decision to depart from the Company at this stage is motivated by a wish to pursue other goals in life, and is made in confidence that the Rocksource team will mature new high-impact exploration wells, and create value for our shareholders.”

Chairman of the Board Mimi Berdal commented: “On behalf of the Board, I would like to thank Trygve for his commitment and drive in building Rocksource to become a fully fledged exploration company. We highly appreciate the efforts he has put in to the development of the company, and we will continue to implement our revised strategy as outlined in our recent quarterly presentation. We wish Trygve success in his future endeavours.”

Trygve Pedersen served as CEO for Rocksource ASA for six years Mr. Pedersen will remain with the Company until 1 March.

Contact information:

Trygve Pedersen:                   +47 90 09 77 41
Christopher Spencer:              +47 95 29 42 28
Ole Wiborg, Board member:  +47 95 29 91 11

Oslo, 2.12.2011
Rocksource ASA

Per Anders Muri
VP Corporate Communications

+47 91 11 61 21