ROCKSOURCE PREPARES FOR FUTURE GROWTH

Martin Bekkeheien, CEO in Rocksource, states that `our recent personnel additions significantly strengthen our commercial abilities and further expand our technological capabilities`.

As of today the organisation consists of 22 employees, of which 16 are full time. In addition Rocksource has established an Advisory Board with highly experienced professionals that will contribute both to technology and business development.

New members of the management team are as follows:

Trygve Pedersen is employed as Vice President Commercial. He has a M.Sc. in Business and 14 years of industry experience from management positions with Statoil, BP and Petoro.

Dr. Gregor Maxwell is employed as Vice President Exploration & Production. He has a PhD in Geology and has 9 years of industry experience with Texaco and Chevron.

Steinar Hesthammer is employed as Vice President HES, HR & Administration. He has a M.Sc. in Business and 15 years of administrative experience.

Jacob Sannes is employed as Project Director and is also a member of the Advisory Board. Sannes has 22 years experience from Statoil as VP for development of discoveries in Norway and Head of upstream Strategy in Statoil`s corporate planning unit.

The G&G team in Bergen consists of 14 people and has been strengthened by the following:

Dr. Roy Davies, PhD in Geology. Responsibilities include exploration geology and technology development.

Dr. Aris Stefatos, PhD in Geophysics. Stefatos will work with technology development and exploration geophysics.

Richard Kluge, Cand.Scient. in Geology/Geophysics. Kluge will work with exploration geophysics and technology development.

Åsmund Vassel, M.Sc. in Geology. Responsibilities include reservoir management.

In addition, a further three scientists are employed on a part time basis.

The Advisory Board now includes:

Dr. Michael Zhdanov, a renown expert within the use of electromagnetic data (EM data). Dr. Zhdanov is head of a consortium in Utah related to modelling and inversion of EM data. Participants in the consortium include companies acquiring EM data, in addition to oil and gas companies like Exxon Mobil, Shell, ENI and Statoil. Dr. Zhdanov works as a professor at College of Mines and Earth Sciences in Utah, and his position in the Advisory Board is related to his private activities.

Staffan Riben is engaged by the company as Project Director for certain new projects. Riben has been an executive with the Statoil Group for 14 years and head of Statoil`s upstream operations in Venezuela for 5 years.

CTO in Rocksource, Jonny Hesthammer, states that `we are very pleased to get a renown person like Dr. Michael Zhdanov to our Advisory Board. He has long experience in handling EM data and will be an important resource related to the further development of our technology. Sannes and Riben will certainly make a valuable contribution to our business development`.

More details on our organisation and employees will shortly be published on our web site www.rocksource.com.

Oslo, 18.1.2006
Rocksource ASA

Martin Bekkeheien - CEO

+47 95 72 42 31
 

Published: 18.01.2006