Looks like another good reason for Rocksource to farm...

Looks like another good reason for Rocksource to farm down..

http://www.newsweb.no/newsweb/search.do?messageId=282648

Rocksource Group's (Company/Rocksource) net loss in
the first quarter of 2011 equalled NOK 41.9 million,
compared to a loss of NOK 35.2 million in the first
quarter of 2010. Exploration expenses totalled NOK
39.7 million in the quarter, down from NOK 40.5
million in first quarter 2010.

As a consequence of a decision to divest the
Rocksource's US onshore assets, these assets have
according to IFRS-guidelines been re-classified
as "discontinued operations". Accordingly income and
expenses from the US onshore assets have been
presented on a separate line "Net profit/(loss) from
discontinued operations" in the income statements.
Operating income from the US onshore activities
totalled NOK 8.3 million in the first quarter versus
NOK 18.6 million in first quarter 2010. Rocksource is
in continued talks with potential buyers of the US
onshore assets and aims to conclude a sale shortly.

Rocksource is very pleased to report on successful
awards in the recent Norwegian Continental Shelf
(NCS) licensing rounds. In January Rocksource was
awarded five new licenses in the APA 2010 Licensing
Round. This was followed by the award of an
additional four new licenses in the NCS 21st
Licensing Round in April. These awards, which
combined add approximately 200 million barrels of oil
equivalent (mmboe) in net risked resource potential,
once again demonstrate the Company's ability to
secure competitive acreage and contribute long term
opportunities to the Rocksource exploration portfolio.

The recent spud of the "Norvarg" well in PL 535 in
the Barents Sea marked the commencement of the
Rocksource exploration drilling campaign.

The Company
expects to spud two more wells in the second quarter;
the "Kora" well offshore West Africa and
the "Breiflabb" well in the North Sea.

An additional
two wells will spud in the second half of 2011.
Attached is a full interim report and the Q1 results
presentation.


Oslo, 13.5.2011
Rocksource ASA