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Altinex Oil Norway AS (Entity no ) 3 quarter 2010 (unaudited)

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Altinex Oil Norway AS

(Entity no. 987008644)

3 quarter 2010

(unaudited)

(2)

Altinex Oil Norway AS

Results for the third quarter of 2010

Altinex Oil Norway’s revenue totalled NOK 124 million for the third quarter of 2010. Earning before interest, tax, depreciation and amortization (EBITDA) ended at NOK 89 million for the same period. In this quarter we have a write-down on NOK 133 million regarding Oselvar. Earning before interest and tax (EBIT) ended at NOK -67 million for the third quarter of 2010 and the net result was NOK -120 million for the same period. Cash flow from operating activities ended at NOK 753 million for the first nine months of 2010 (after a net change in loan to group companies totally on NOK 371 million) compared to NOK 37 million for the same period in 2009. The company had NOK 571 million in investing activities mainly on Oselvar and financing activity including repayment of bonds and paid interests in total NOK 137 million. As at 30 September 2010 the Company’s liquidity is healthy with NOK 86 million in cash.

Total equity and liabilities as at 30 September 2010 were NOK 1 098 million with equity of NOK 225 million. At the end of the third quarter, the company’s net interest bearing debt was NOK 240 million.

Net production from the company’s two fields averaged 3,025 boe/d for the third quarter of 2010.

Operations

The average gross production from the Brage Field in Q3-2010 was approximately 22,800 boe/d. Brage has been running at reduced operating efficiency in the quarter, mainly due to problems with gas compression. The gas compressor was repaired during a shut down from 22 September to 3 October, after which production from high gas production wells has been restored. Increased water production from the Bowmore segment was observed towards the end of the second quarter, and has continued to increase as expected in the third quarter. A new Fensfjord oil producer is expected to be completed in the fourth quarter.

The Enoch Field had average gross production in Q3-2010 of approximately 3,575 boe/d. Altinex has sold its interest in Enoch to Marubeni Corporation with effective date 1.1.2010, subject to approval by Norwegian authorities.

Altinex owns 15% of the Dong operated Oselvar field. The field is currently being developed, with first oil expected in 4Q 2011. Altinex has sold its interest in Oselvar to Marubeni Corporation with effective date 1.1.2010, subject to approval by Norwegian authorities.

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ALTINEX OIL NORWAY AS - INCOME STATEMENT

All fgures in tNok Q3 - 2010 Q3 - 2009 YTD 2010 YTD 2009 2009 Revenue

Other revenue 0

Total revenues Production expenses

Exploration and evaluation expenses Other operating expenses Total operating expenses

Operating results before depreciation and amortisation (EBITDA) Depreciation

Write-downs 0 0 0

Net operating result (EBIT) Net fnancial items Ordinary result before tax (EBT) Tax expenses

Net results for the period

123 854 154 802 513 334 432 974 595 365 26 606 37 096 26 606 26 606 123 854 181 408 550 430 459 580 621 972 29 166 28 930 88 620 95 338 125 657 2 758 1 807 2 825 4 073 4 163 2 875 1 912 8 698 9 189 10 113 34 799 32 649 100 143 108 600 139 933 89 055 148 759 450 287 350 980 482 039 23 320 34 680 91 067 99 900 132 927 132 500 132 500 -66 764 114 079 226 720 251 080 349 112 -14 805 -8 561 -42 933 -18 481 -25 684 -81 568 105 518 183 786 232 599 323 428 38 225 84 414 209 393 186 079 291 392 -119 793 21 104 -25 607 46 520 32 036

ALTINEX OIL NORWAY AS - BALANCE SHEET

All fgures in tNok 30.09.2010 31.12.2009 30.09.2009 Non-Current assets

Deferred tax assets

License and capitalised exploration expenses Production facilities

Machinery and equipment 20 231 522 Loan to group companies 0

Total non-current assets Current assets Account receivables

Receivables to group companies 0 Other current receivables

Bank deposits, cash in hand, etc. Total current assets

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Equity Share capital Other equity Total equity

Provision and other non-current liabilities Abandonment provisions

Bond loan 0

Loan from group companies 0 0 Total provisions and other non-current liabilities

141 001 141 001 141 001 84 141 108 909 127 361 225 142 249 910 268 362 141 321 124 574 130 551 298 269 297 879 26 825 168 146 422 843 428 430 Current liabilities Bond loan

Bond loan to group companies 0

Trade payables 0 708 0

Current taxes payable Public duties payable

Dividende 0 0

Liabilities to group companies Other current liabilities Total current liabilities Total liabilities

Total equity and liabilities

299 438 49 931 49 891 50 000 50 000 271 699 208 542 229 561 39 783 28 503 30 080 10 000 10 814 7 888 21 148 82 858 46 126 53 784 704 592 401 698 434 464 872 738 824 541 862 894 1 097 880 1 074 451 1 131 255

ALTINEX OIL NORWAY AS - STATEMENT OF CASH FLOW

All fgures in tNok YTD - 2010 YTD - 2009 2009 Net cash fow from operating activities

Net cash fow used in investing activities

Net cash fow used in fnancing activities 0 Net change in cash and cash equivalents

Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period

752 684 37 247 96 190 -571 363 -49 247 -101 493 -137 000 -84 000 44 321 -12 000 -89 303 41 509 130 812 130 812 85 831 118 812 41 509

ALTINEX OIL NORWAY AS - STATEMENT OF CHANGES IN EQUITY

All fgures in tNok YTD - 2010 YTD - 2009 2009 Balance at the beginning of period

Value adjusted fnancial instruments 838

Dividends 0 0

Net results for the period Balance at the end of period

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NOTES

1) Basis for preparation

The interim financial statements for the third quarter of 2010 have been prepared in accordance with NGAAP and The Norwegian Securities Trading Act § 5-6.

The interim financial statements do not include all information required for annual financial statements and should for this reason be read in conjunction with Altinex Oil Norway’s 2009 annual report. The accounting principles applied is the same as those used for the Altinex Oil Norway’s 2009 annual report.

2) Exploration and development costs for oil and gas assets

Exploration costs are accounted for in accordance with the successful effort method. This means that all exploration costs including pre-operating costs (seismic acquisitions, seismic studies, internal man hours, etc.) are expensed as incurred. Exceptions are costs related to acquisition of licenses and drilling of exploration wells. These costs are temporarily capitalized pending an evaluation of the economics of the exploration drilling findings. If hydrocarbons are discovered, the costs remain capitalized. If no hydrocarbons are found or if the discoveries are not commercially profitable, the drilling costs are expensed. All costs of developing oil and gas fields are capitalized.

3) Depreciations and amortizations

Depreciation of production equipment is calculated in accordance with the unit of production method. The added values which are allocated to producing fields will be amortized in accordance with the unit of production method.

4) Taxes

Income tax expenses for the period are calculated based on the tax rate applicable to the expected total annual earnings. The ordinary income tax is 28% in Norway. In addition, there is an extra petroleum tax of 50% related to exploration and production on the Norwegian Continental Shelf. The special tax is applied to relevant income in addition to the standard 28% income tax, resulting in a 78% marginal tax rate on income subject to petroleum tax. The basis for computing the special petroleum to relevant income in addition to the standard 28% income tax, resulting in a 78% marginal tax rate on income subject to petroleum tax. The basis for computing the special petroleum tax is the same as for subject to ordinary income tax, except that onshore losses are not deductible against the special petroleum tax, and a tax-free allowance, or uplift, is granted at 7,5% per year. The uplift is computed on the basis of the original capitalised cost of offshore production installations. The uplift may be deducted from taxable income for a period of four years, starting in the year in which the capital expenditures are incurred. Uplift benefit is recorded when the deduction is included in the current year tax return and impacts taxes payable. Unused uplift may be carried forward indefinitely.

Interest expenses on interest-bearing debts are distributed between onshore and offshore. The tax allowance for the offshore debt interests are calculated as interest expense multiplied with 50% of the relationship between the tax value of the offshore-asset and average interest-bearing debt. The remaining net financial expenses are allocated onshore.

References

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