Revus CFO Resigns, Company to Recruit New CFO by Close of 2008

Revus Energy ASA announces with regret that Geir Hjellvik has given notice of his resignation from the position of Chief Financial Officer of Revus. Mr Hjellvik will in the future concentrate his efforts on private investments, but will remain in his role as CFO up to the end of the year to allow Revus time to find a suitable candidate and ensure an orderly transition.

Commenting on his resignation, Geir Hjellvik said: "It has been a great adventure to work in Revus. I am grateful to the team and feel lucky to have been part of the Revus success story. The company has experienced impressive growth and has created exceptional shareholder value since the start-up five years ago. The quality of the Revus team, its asset portfolio and strategic ambitions will, in my view, ensure continued growth and value creation going forward. Personally, after having been involved in international financial markets since the eighties, I have now decided it is time to follow a long-standing dream to manage my own investments."

Harald Vabo, CEO of Revus, said; "I am personally very sad that Geir is to leave Revus as he has made an outstanding contribution to the Group since he joined us in 2003. His commitment and contribution has been exceptional and he has played a vital role in building Revus to one of the leading Norwegian E&P independents. However, we fully understand his decision and wish him all the best for the future."

Geir Hjellvik joined Revus in August 2003, just months after the Company's inception. Today, Revus has a market capitalization of approximately USD 800 million. Mr Hjellvik holds 871,075 shares in Revus, mainly through his wholly owned company Toma Finans. "I have no immediate plans of reducing my shareholding and intend to maintain a significant investment in Revus for the foreseeable future," adds Geir Hjellvik.

Revus has started the process of recruiting a new CFO.