DNO

This website and the material on it is owned by DNO International ASA ("DNO"). DNO has made all reasonable efforts to provide accurate and updated information. The materials and information disclosed on this website are accurate as of the particular date of such materials or information. The company disclaims any duty to update the materials or information subsequently. In addition, such information may not be current, complete or correct. DNO ASA and its subsidiaries expressly disclaim any liability for any inaccuracies or omissions on the website. DNO ASA and its subsidiaries do not accept any liability for any direct or indirect losses or damage of whatsoever kind arising from access to, or the use of, this website or any information contained in it. This of course, also includes investment decisions. 

• the amount, nature and timing of capital expenditures;

• the projected drilling of wells;

• reserve estimates;

• the timing and amount of future production of oil and natural gas;

• operating costs, including decommissioning costs, and other expenses;

• cash flow, anticipated liquidity and prospects for growth;

• estimates of proved and probable reserves and exploitation and exploration opportunities; and

• the marketing of oil and natural gas.

Such forward-looking information is based upon management’s current plans, expectations, estimates and assumptions and is subject to a number of uncertainties that could significantly affect current plans, anticipated actions, the timing of such actions and our financial condition and the results of operations. As a result, actual results may differ materially from expectations, estimates or assumptions expressed in or implied by any forward-looking statements made by or on behalf of us. Among the factors that could cause actual results to differ materially are:

• changes in the supply of or demand for oil and natural gas;

• changes in the prices of oil and natural gas;

• requirements for capital;

• uncertainty of drilling results and reserve estimates;

• economic and political conditions affecting important production and market areas outside the United States, the United Kingdom, Norway, Yemen, Ireland and Africa;

• economic and political conditions within the United States, the United Kingdom, Norway, Yemen and elsewhere;

• operating catastrophes, including explosions, blowouts, pipeline ruptures or environmental accidents such as natural gas leaks, oil spills or discharges of toxic gases;

• legal and regulatory circumstances and acts of commission or omission by third parties including our customers, suppliers, oil field operators, business partners and competitors, and legislative, regulatory, judicial or other governmental officials; and

•  other issues discussed under the heading “Risk Factors.”

Because of these factors, we caution that investors should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

These statements are made based on the best estimates of DNO management and other market participants at the time the statements were made. DNO assumes no obligation to update these statements should circumstances or managements estimates change.

CAUTIONARY NOTE REGARDING ESTIMATES OF OIL AND NATURAL GAS RESERVES

Reservoir engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be measured precisely. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation, and professional judgment. Results of drilling, testing and production subsequent to the date of an estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered.

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. DNO also uses other terms on this website, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Examples of such terms would be statements regarding “probable,” “possible” or “recoverable” reserves among others. U.S. investors are urged to consider closely the disclosure of our reserves information.

Under Norwegian GAAP and IFRS, we use proved plus probable reserves as our base when estimating depreciation and abandonment provisions. Therefore, the notes accompanying our consolidated financial statements for the years ended December 31, 1998 through December 31, 2006 prepared in accordance with Norwegian GAAP and IFRS, which are available on this website, include estimates of our probable reserves, which do not meet the degree of certainty regarding potential production applicable to proved reserves. Furthermore, many of the proved and probable reserve figures included in our Norwegian GAAP and IFRS consolidated financial statements are based on our own estimates, not the evaluation of independent petroleum engineers. We caution you against reliance on the reserves information contained in our Norwegian GAAP and IFRS consolidated financial statements.