Operating revenues and operating costs 12 months 12 months 2006 Actual 2007 Proforma

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1 Consolidated Income Statement 12 month period ending 31 December 2007 and All amounts in NOK thousands Operating revenues and operating costs 12 months 12 months Revenues Cost of goods sold Salaries and fees Depreciation and amortization Other operating expenses Total operating expenses Operating profit/-loss Net gain/-loss from investment in affiliated companies Gain/-loss on sale of shares Other financial income - net Financial items net Result before tax Income taxes Gain on sale of subsidiary Net income Average number of shares Number of shares at the end of period Earnings per share - 0,14 2,07

2 Consolidated Income Statement 4 th Quarter 2007 and All amounts in NOK thousands Operating revenues and operating costs 4 th quarter 4 th quarter Revenues Cost of goods sold Salaries and fees Depreciation and amortization Other operating expenses Total operating expenses Operating profit/-loss Net gain/-loss from investment in affiliated companies Gain/-loss on sale of shares Other financial income/-expense - net Financial items net Result before tax Income taxes Net income Average number of shares Number of shares at the end of period Earnings per share - 0,14 0,01

3 Balance Sheet 31 December 2007 and 31 December All amounts in NOK thousand Assets Investment in affiliated company Long-Term investment in shares Total long-term assets Short term investments Short term receivables Cash and bank deposits Total current assets Total assets

4 Balance Sheet 31 December 2007 and 31.December All amounts in NOK thousand Equity and liabilities Paid-in-capital Share capital Own shares Share premium Other paid-in equity Own shares Total paid-in equity Retained earnings Shareholders equity Liabilities Long term liabilities Deferred tax Total long term liabilities Short term debt Income taxes Short-term debt Total short-term debt Total liabilities Total equity and liabilities

5 Cash Flow Statement 2007 and 4th Quarter 2007 All amounts in NOK thousand 4 th quarter Cash flow statement Actual Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow in the period Cash and cash equivalents at period beginning Cash and cash equivalents sold subsidiaries Cash and cash equivalents at period end The 4 th quarter report does not include cash flow statements for due to the significant reorganisation of the group.

6 Notes to financial statements for the 12 month period ending 31 December 2007 and General The financial statements for 2007 and have been prepared in accordance with Norwegian Generally Accepted Accounting principles consistent with the principles applied in the annual financial statements for In January, 2007, Independent Oil & Resources ASA sold its subsidiary, Independent Oil Tools AS (IOT) including its wholly owned subsidiaries Premium Casing Services Pty Ltd (PCS) and Independent Tool Pool AS. The total consideration for the shares in IOT and intercompany loans were NOK 380 million. Net gain from the sale was NOK 103 million in the parent company accounts. On a consolidated basis, taking into account the net equity in the subsidiary of NOK 15 million, the gain amounted to NOK 88 million. On February 2, 2007, the Company also sold 25 million shares in Petrojack ASA, equal to 30% of the total outstanding shares of Petrojack. The total sales price was NOK 550 million. Cost price of the shares was NOK 521 million, resulting in a net gain in the parent company accounts of NOK 29 million. In the consolidated accounts for, Petrojack was accounted for using the equity method. The book value of the shares sold included an equity interest in the net income of Petrojack of NOK 93 million, resulting in a net loss on a consolidated basis of NOK 64 million. Long term investments in shares are accounted for using the cost method. Short term investments in shares that are traded on the Oslo Stock Exchange are accounted for using market value at the balance sheet date. Other short term investments in shares are accounted for using the cost method. The income statement for is shown on a pro forma basis, including the parent company only in order to be comparable with the income statement for The 2007 accounts are unaudited. Note 1 Investments in shares Investment in affiliated companies No of shares Book Value Market Value Petrolia Drilling ASA Total investment in affiliated companies Long-term investment in shares No of shares Book Value Market Value Marine Farms ASA Opra Technologies ASA Petrojack ASA Petromena ASA Feed Control Norway AS Other investments Total long-term investment in shares

7 Short-term investment in shares No of shares Book Value Market Value IGE Nordic AB Nordic Petroleum ASA Norsk Helsetelefon 24 AS NOIL Energy ASA Global Geo Services ASA Pertra ASA DNO ASA Total short-term investment in shares Note 2 Short term receivables Short term receivables includes receivables from Independent Oil Tools AS (and subsidiaries) of NOK 213 million. Note 3 Short term debt Short term debt is mainly debt relating to purchase of shares. Note 4 Shareholders` Equity Shareholders` equity at January 1, Capital increase Purchase of own shares Net income during the period Shareholders`equity at December 31, Board of Directors, February 29 th 2008