ONGC enters into agreement with RGT.

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Rocksource ASA enters into agreement with Indian state oil company ONGC


The Norwegian oil company Rocksource ASA and the Indian state oil company ONGC (Oil and Natural Gas Corporation Limited) have signed a Cooperation Agreement to develop exploration partnerships on the Indian continental shelf and Internationally. The agreement was signed by Mr G.K. Bhatnagar, Head of EXCOM - BD JV Group of ONGC and the CEO of Rocksource ASA, Trygve Pedersen.

Rocksource Chairman and cofounder Dag Dvergsten stated `this is a significant milestone for Rocksource as it establishes a framework for joint exploration efforts with one of the largest E&P companies in Asia. It allows us to apply our proprietary electromagnetic (EM) technology in a world class hydrocarbon province, with a tremendous exploration potential. We believe that our technology when combined with ONGC`s understanding of the Indian Continental Shelf will be value creating for both companies. The fact that ONGC has chosen Rocksource as a partner is also a clear confirmation of our technology and competence`.

D.K. Pande, Director of Exploration for ONGC stated `Rocksource has developed a unique exploration technology that we hope will contribute to improving the success rate in our exploration activities. ONGC is uniquely placed with respect to acreage on the Indian margin.`

The two companies share an intention to perform joint exploration activities based on the results of the Rocksource EM technology and integrated prospect evaluation. They will also participate in joint applications for new exploration acreage where EM technology can be applied. ONGC has already acquired substantial amounts of EM data on the Indian Continental shelf.

ONGC is India`s largest E&P company and has a state ownership share close to 75%. The company controls approximately 80 percent of India`s oil and gas production, with more than one million barrels of oil produced per day. The company has a strong international foothold with exploration acreage in Asia, Africa and South America.

Rocksource is a Norwegian independent exploration and production company listed on the Oslo stock exchange (ticker: RGT). The company has exploration licences in Norway and the UK as well as production from two fields in the USA. The company`s core abilities are related to its competence within exploration and production technology, including the processing and integration of EM data with other geological and geophysical data.

In 2006 Rocksource started systematic screening of global basins for EM suitable areas to best exploit its proprietary exploration technology and grow its portfolio. The company is in the process of building an international portfolio of exploration and production. The Cooperation Agreement with ONGC is a significant milestone in this strategy.

For more information on ONGC and Rocksource:
http://www.ongcindia.com


Oslo, 23.1.2008
Rocksource ASA

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January 2008 production update


Rocksource ASA (“Rocksource”) is pleased to announce that the January 2008 production from its US subsidiaries averaged 2,040 boepd (barrels of oil equivalent per day). 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 original end-2008 target of 2,000 boepd has been exceeded through January 2008 and it is expected that average production through first quarter 2008 will be 2,100 boepd.

The 2nd phase drilling campaign was completed in January and the last well is due to be on stream in February after completion and tie-in to production and sales. A total of 9 wells have been drilled to date and all wells have encountered hydrocarbons in multiple zones. Some zones have excellent production performance whereas others have to be stimulated to flow, and the optimum production strategy for all zones is currently being studied in order to maximize economic results. When this work has been completed Rocksource will review the production profiles and communicate further production targets.

The new processing facilities were completed on schedule in December and most wells have been tied in to these facilities during January. A compressor unit has been installed late in January to enhance production from low pressure wells which are now being tied in to the new facilities.

Rocksource is currently evaluating options for further production drilling, new exploration targets and opportunities for further asset acquisitions to secure continued growth in our successful US business.

Oslo, 5.2.2008
Rocksource ASA

Trygve Pedersen
CEO







Mcap RGT (Listed in norway)

973 109 000 NOK

Rocksource nominated as “World Finance Petroleum Company of the Year Award”


Rocksource features in an article in the current issue of “World Finance” as a nominee for the “World Finance Petroleum Company of the Year Award”

According to the World Finance award selection panel, a wide range of criteria to inform its decision over the Petroleum Company of the Year nominations, lending the critical eye of a collective 170 years of business journalism to the exhaustive information gathered by the award body's research team. A few of the more important factors are as follows:

- Investment in new technologies
- Environmental investment
- Level of transparency and good corporate governance
- Financial performance
- Innovative growth strategies

A link to the World Finance Magazine can be found on http://www.worldfinance.com/.
An article on Rocksource can be found on the following link http://cde.cerosmedia.com/1H47ab29d8e4e96160.cde
Page 99 and 100..

Oslo, February 11th 2008
Rocksource ASA

Trygve Pedersen
CEO

+ 47 90097741


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