Northern Oil ASA

Pareto Offshore Seminar

September 5, 2001

John M Dahlen, CEO

Northern Oil ASA

Disclaimer

The documentation herein contains forward-looking statements, including beliefs and expectations. These statements are based on current plans, estimates and projections, as well as expectations about external conditions and events. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. We caution you that a number of important factors could cause actual results or outcomes which differ materially from those expressed in any of these forward-looking statements.

Northern Oil ASA

Main holdings• Naftex Energy Corporation

NOI holding: 79,400,000 shares - 84.2%Listed at TSE (tier 3) – CDNXTrading symbol: YNF

• Petrolex Energy Corporation

NOI holding: 42,687,098 shares - 62,9% Listed at TSETrading symbol: PXV

Northern Oil ASA

Main business activities• Naftex Energy Corporation

* Block BS-3 - Santos Basin Offshore Brazil (Fields: Coral, Estrela-do-Mar, Caravela Sul)

* WEEM-license - Eastern Desert Egypt

• Petrolex Energy Corporation

* Rubiales Oilfield Colombia

Northern Oil ASANaftex Energy Corporation

Brazil

Block BS-3

Northern Oil ASANaftex Energy Corporation

Santos Basin Brazil

Northern Oil ASANaftex Energy Corporation

Block BS-3

Brazil

Northern Oil ASANaftex Energy Corporation

Offshore Brazil - BS-3 (Santos Basin)• Exploration Well: Caravela Sul

Target: doubling reserves or more

Reservoirs: Zones: B1 B2 B3 B4

Investments: USD 18 –22 millCompletion: September 2001Rig: Nymphea (Pride)Share: 27.5% (incl carry of Petrobras: 42.3%)

Further work: evaluation, 3D seismic, appraisal drilling (??)

Partners: Petrobras(35% Operator), Queiroz Galvao(30%), Starfish(7,5%)

Northern Oil ASANaftex Energy Corporation

Offshore Brazil - BS-3 (Santos Basin)• Development: Coral field

Production wells: 2 (3) wellsSub-sea Completion: Horizontal X-mas trees

Flexible Production LinesProduction unit: Semi-sub Atlantic Zephyr

Capacity 20,000 bpdOffshore Loading: Storage TankerProduction start: April 2002

Northern Oil ASANaftex Energy Corporation

Offshore Brazil - BS-3 (Santos Basin)Development: Coral Estrela do Mar Investments:

USD 50 mill USD 25 millReserves: 19 (25) mill bbls 8 (10) mill bblsProd. start up: April 2002 4Q 2002

Share: 27.5%Petrobras prefinancing: (share of investments 38.4%)

Total reserves: 27 (35) mill bblsProducing Zones B1: 9mill, B2: 18mill, B3

Partners: Petrobras(35% Operator), Queiroz Galvao(30%), Starfish(7,5%)

Northern Oil ASANaftex Energy Corporation

Egypt

WEEM license

Northern Oil ASANaftex Energy Corporation

Eastern Desert Egypt

Northern Oil ASANaftex Energy Corporation

• Egypt - WEEM

Production 1,000 bbls/day

Reserves Proven 1.2 mill bblsPossible +/-10 mill bbls

Revenue share EGPC approx. 50%

Share 50%

Operator: Cabre/Bitech (50%)

Northern Oil ASANaftex Energy Corporation

• Egypt - WEEM

Contemplate to dispose of the asset

Disputes with partner (Cabre/Vanguard)Farm-inOperatorship

Bitech has acquired Vanguard

Lukoil acquires Bitech

Northern Oil ASA Petrolex Energy Corporation

Colombia

Rubiales Field

Northern Oil ASA Petrolex Energy Corporation

Colombia

Rubiales

Northern Oil ASAPetrolex Energy Corporation

Rubiales – Colombia: Reserves and ProductionProduction Start up: September 25, 2000

6 wells : 1,500 - 1,800 bopd. Potential one year: 5-10,000 bopd

Reserves (SEC definitions)Proven undeveloped: 12 mill barrelsProbable undeveloped 160 mill barrels

Recoverable (not SEC): 210 mill barrels

Northern Oil ASAPetrolex Energy Corporation

Rubiales – Colombia: Operations6 wells: down hole mechanical pumpsProcessing: heating and separationStorage: in-field tanks 10,000 barrelsTransport: trucking to Bogotá-area Sales: to local industry as fuel oil

as feed-stock for refineries

Share: 80%Operator: Tethys/ITS (20%)

Northern Oil ASAPetrolex Energy Corporation

Rubiales – Colombia: Development 2001/2002

Completed drilling program:

Vertical well: 400-500 bopd

Horizontal well: stuck production liner

Facilities upgrades

Upcoming dry season development under consideration:

Wells: Re-entry, new horizontal vs. vertical

Facilities: Process, Storage, Loading

Northern Oil ASAPetrolex Energy Corporation

Rubiales – Colombia: Planning• Reservoir Management

• Well optimization: Horizontal vs. Vertical

• Development plans incl. alternative full field developments

Transport alternatives (pipeline vs. trucking)

Corporation with partners

Security issues

• Financing alternatives

Northern Oil ASA

Ownership

Board

Management

Northern Oil ASA

Major Sharholders• Osprey Maritime 42.73%

• Aksjefondet Gambak 4.21%

• Odin Norden 3.73%

• Storebrand Livsforsikring 2.40%

• Union Bank of Norway 2,04%

90,250,000 shares outstanding 2,750 shareholders

As per September 1, 2001

Northern Oil ASA

Board of Director• Erling Lind, Chairman

• Tor Olav Trøim

• Ole Melberg

• Jon-Aksel Torgersen

• Yngvar B Heide

• Pierre Godec, Special Advisor to the Board

Northern Oil ASA

Management• John M Dahlen, President &CEO

• Geir Walderhaug, Finance and Control

• Hans Morten Strømmevold, Operations and Development

• Strong local representation

Rio, Bogota, Cairo

Northern Oil ASA

Conclusions

Northern Oil ASA

• Brazil– New discovery – major upside potential

– Coral and Estrela-do-Mar developments:

Dev. cost $3 (2)/bbl, Opex $7 (5)/bbl

• Colombia– Substantial potential– Substantial risks

• Egypt– Insignificant – contemplated disposed of

Northern Oil ASA