September 2009 production update

Rocksource ASA (“Rocksource”) announces that the September 2009 production from its US subsidiaries averaged 1,101 boepd (barrels of oil equivalent per day). This compares to the actual August 2009 production of 1,158 boepd.

The production problems reported earlier this year have largely been resolved but the effected wells have not fully reverted to their earlier production levels. With the price of natural gas in the US being at a very low level, the incentives in executing repairs and work-overs are to keep costs low and improve margins, rather than increase production. The company’s 2009 production guiding of 1,300 boepd remains the same.

Evaluation of development options for the Granbury discoveries has continued. This has been a challenging evaluation due to the very low gas prices experienced in the US, but a decision will be made shortly. Given a positive conclusion production could start within a short timeframe.

Note: 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.

Oslo, 6.10.2009
Rocksource ASA

Trygve Pedersen
CEO
 

+47 90 09 77 41