Rocksource Names New CEO

Rocksource ASA announced that Christopher Spencer has been appointed permanent Chief Executive Officer (CEO) in the Company.

Christopher Spencer has over 20 years of industry experience with Shell and BP before joining Rocksource in 2010. Mr. Spencer took on the position as acting CEO in December, following the resignation of former CEO Trygve Pedersen. Following the recent General Meeting in Rocksource, the new Board of Directors (Board) elected to appoint Mr. Spencer as permanent CEO.

Chairman of the Board, Henrik A. Christensen, commented on the appointment: "Chris has been instrumental in securing a new and significantly improved foundation on which to re-establish Rocksource as an active exploration company. In a period of turbulence and a challenging financial environment he has demonstrated strong leadership and an ability to execute key funding events. It is the Board's clear understanding that Chris has a solid reputation among key stakeholders, and we are very pleased to have been able to agree on permanent position going forward."

Christopher Spencer commented; "I am delighted to be given this opportunity. Following months of financial restructuring we are now looking forward to what I believe will be a very exciting period for the Company. With approximately 30 licenses in Norway and the US Gulf of Mexico, a strong track record in Norwegian licensing rounds and a skilled and dedicated team of professionals, I believe we have a good foundation on which to create shareholder value."