Trading Symbol: NEC .8 million (loss of
USD 0.
(Logo: http://www. Norman Schwarzkopf, Michael Dell, The Honorable James Baker,
former Secretary of Defense William Cohen, former Secretary of State Madeleine
Albright , Lee Iacocca, and award-winning CNN business journalist Lou Dobbs.

vagueness logic

5% participating interest), Queiroz Galvao
Perfuracoes S.2 million).W.

consequence frege

Coplex Brasil participates with a 27.0 million (loss
USD 1.

Further details regarding the activities in Brazil

Petrobras - the operator of the Coral field - finalized the scheduled
work-overs of two of the production wells in December 2004 and January 2005. It thus
seems that the problems associated with the initial cleaning up of the well
may have been solved. February 2005 and is implemented with effect for the accounting for the
fourth quarter.comerica.

logicians abelard

Verbal hearings in the scheduled arbitration commenced in late December 2004,
and will continue in the spring of 2005. USD 4." Tickets are available at $75 per person, or $675 for a table
of 10, through http://www.

aristotelian whos

Naftex has been
advised that the consolidated accounts for Northern have been presented in
accordance with Norwegian GAAP. which
regularly provides NOI with estimates of the oil reserves present in the Coral
field, reported updated reserves in its annual update report as of
31 December. HOUSTON, Pulitzer Prize-winning political
columnist George Will is this fall's featured luncheon speaker at the Comerica
Business Forum on Wednesday, September 28, at the Hilton Americas Houston,
1600 Lamar Street, downtown.newscom.
Bush, General H.

verlinden aristotelian

H

VANCOUVER, March 1 - NAFTEX ENERGY CORPORATION
("Naftex" or "the Company") announces that Northern Oil ASA, its 96. The arbitration proceedings are, as
previously announced by NOI, costly and thus represent a considerable burden
on Coplex at present.
George Will's newspaper column has been syndicated by The Washington Post
since 1974. In 1981, he became a
founding panel member on ABC television's This Week. He has taught political
philosophy at Michigan State University, the University of Toronto and Harvard
University. He served as a staff member in the United States Senate from 1970
to 1972, and from 1973 through 1976, he was the Washington editor of National
Review magazine.

syllogistic peirce

Such statements are subject to a number of risks,
uncertainties and assumptions .
For the Cavalo Marinho field (the "CM" field) the Operator is expected to
submit a revised development plan to the joint venture partners in
March, 2005.

ontology suber

(30% interest) and Petrobras (35% interest). The average price for the oil sold in the quarter
has been approximately USD 36 per barrel , lower than the standard price for
Brent Blend during the period.

abelard goedel

6 million), and a net loss after minorities of USD 2.5% share)
has been approximately 634,000 barrels, averaging a daily production of
approximately 6,900 barrels.
The current price level for oil is furthermore a strong argument for a
speedy development of the EDM field and NOI intends to argue this point
strongly on behalf of Coplex in relation to the other licence partners.
This quarterly reporting is following the accounting standard
"NRS 11 - Interim reporting", where it is relevant. Will's speech will focus on "The Political
Argument Today.

consequence conditionals

The report includes an update of activities in Brazil of Naftex's
wholly-owned subsidiary Coplex Petroleo do Brasil Limitada ("Coplex Brasil")
and corporate matters.

Northern Oil ASA

Report for the 4th Quarter of 2004

Northern Oil ASA ("NOI") - Results for the fourth quarter of 2004

The results for the fourth quarter of 2004 (comparative numbers for
Q4 2003 in brackets ) show a net operating loss of USD 0. The administrative expenses for 2004
include USD 1.
The Texas Division of Comerica Bank includes 54 branch offices in the key
Texas markets of Dallas, Houston and Austin.

overturn whos

A relatively low production due to the 3D well not being in full
production contributed to the net operating loss, together with high
administrative expenses. Discussions on this are in a very early stage and
it is not possible to judge the likelihood of a commercial settlement of the
dispute at present.

Corporate Matters

The Company has renegotiated the repayment terms applicable to its loan
from World Shipholding Ltd.4 million.

Oslo, February 23, 2005.

aristotelian suber

An increase in the production level is now primarily dependent on finding
a solution to the temperature limitations applying to the production unit.
NOI remains of the opinion that Coplex will be able to present convincing
arguments for its position in the dispute. Will
has also published three books on political theory.com/newsalerts .

lundgren peirce

6 million in non-recurring costs related to the Brazilian
operations. It is, however, not likely that this
will be solved before the end of the year. A decision to move ahead with a development plan has,
however, not yet been taken.com/cgi-bin/prnh/20010807/CMALOGO )
The Comerica Business Forum , now in its 12th year, is an exclusive speaker
program featuring nationally-known experts in business , economics and world
affairs. Comerica focuses on
relationships, and helping businesses and people be successful.

goedel vagueness

A. ("Coplex") has a 27. Administrative expenses and interest costs for Q 4
includes some previously capitalized administrative and interest costs from
Q 1, Q 2 and Q 3, now being expensed since the development of EDM and CM has
been delayed (as previously reported).
The board of NOI remains convinced that the proposed merger will benefit
NOI and its shareholders.

Pulitzer Prize -Winning Political Columnist George Will to Speak at Comerica Business Forum

com .

troublesome logic

Northern Oil fourth quarter results

Coplex is pushing for an
early development of the EDM field in order to benefit from the current
favourable oil prices.

Northern Oil ASA
--------------------- ---------------------------------------
Equity reconciliaton 2004
(in 1,000 USD) ----------------------------------- ----------------------
Equity per January 1: 15 535
Result for the period: -1 068
Share issues: 5 197
Change in accounting policy: -
Other adjustments: 187
-------------------------------------- ----------------------
19 852
--- ---------------------------------------------------------

------------------------------- ------------------------------------------
2003 2004 Statement of cash flows 2004 2003
Oct-Dec Oct-Dec (in 1,000 USD) Jan---------------- -------------------------------------------------
Cash flows from operating
activitites:
Net profit/(-) loss for
(1 237) (2 013) the period (1 068) (6 748)
(240) - Minority interests - (320)
Profit /(-) loss from
(15) - operations held for sale - -
- - Write down investments - 4 350
------------------ -------------------------------------------------------
Profit/(-) loss from
(1 492) (2 013) operating activities (1 068) (2 718)
------ -------------------------------------------------------------------
Adjustments to reconcile the
loss with net cash from
operating actitivites:
1 000 1 516 Depreciation and depletion 4 008 2 385
Change in accounts receivable
and other short-term
623 3 025 receivables 3 856 (2 526 )
(212) (517) Change in inventory (380) (735)
Change in accounts payable and
1 892 (1 564) other current liabilities (176) 5 708
Change in other accruals and
(1 304) 856 currency effects 236 (1 485)
----------------------------- --------------------------------------------
Net cash flow from operating
507 1 302 activities 6 476 629
------------ -------------------------------------------------------------

--------------------------- ----------------------------------------------
Net cash flow from operations
- - held for sale - -
------------ -------------------------------------------------------------

Cash flows from investing
activities:
- - Field investments (903) (9 459)
------------------------------------------------ -------------------------
Net cash flow from
- - investing activities (903) (9 459)
------------------------------------ -------------------------------------

Cash flow from financing
activities:
Proceeds from issuance of
- - shares 5 197 9 610
- - Proceeds from loans obtained - 18 518
(1 196) (5 282) Repayment of loan (8 456) (16 071)
------------------------------------------------------- ------------------
Net cash flow from financial
(1 196) (5 282) activities (3 259) 12 057
---------------------------------- ---------------------------------------

------------------------------------------------- ------------------------
Change in cash and cash
equivalents during the
(689) (3 980) period 2 314 3 227
-------------------------------------------------------------------------

-------------------------------------------------------------------------
Cash and cash equivalents
at the beginning of the
4 695 10 300 period 4 006 779
----------------------- --------------------------------------------------

-------------------------------------- -----------------------------------
Cash and cash equivalents
4 006 6 320 at the end of the period 6 320 4 006
-------------------- -----------------------------------------------------

Previous Comerica Business Forum speakers include former President George H. To
receive e-mail alerts of breaking Comerica news, go to
http: //www.

incompleteness paradoxes

The partners in all three licences are
Starfish Oil + Gas (with 7.

By Order of the Board

NAFTEX ENERGY CORPORATION

"Per Fossan-Waage"

Per Fossan-Waage
President and CEO

For further information please contact:
Per Fossan-Waage , Director of the Company
E-mail: management@northernoil. The Business Forum provides a venue for these experts to join local
business leaders to discuss issues and trends affecting the world today. Today it appears twice weekly in just under 500 newspapers in the
United States and Europe . Comerica Bank is a subsidiary of
Comerica Incorporated (NYSE: CMA), a financial services company strategically
aligned into the Business Bank, Small Business and Personal Financial
Services, and Wealth and Institutional Management. Comerica
Incorporated reported total assets of $54.

conditionals grundgesetze

The NEX Board has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
Coplex' dispute with Petrobras over the Cavalo Marinho remains unsettled.

lundgren overturn

Actual events and results may vary
significantly.
World Shipholding Ltd has now agreed to postpone the final repayment date to
the end of June, 2005.comerica.

suber ontology

The production from well 3D which, in the past, has been lower than originally
expected, has, since the work-over was completed, been stabilized . The parties have recently been in
touch for the purpose of exploring possibilities for an "out of court"
settlement of the dispute. The outstanding principal of this loan, as of
31 December 2004 , was approx.

Outlook

NOI believes that the current production from the Coral field , subject to
the oil price remaining at current levels, will provide Coplex and NOI with a
positive cash-flow in the foreseeable future.

The Board of Directors of Northern Oil ASA

Northern Oil ASA
-------------------------------------------------------- -----------------
2003 2004 Income statement 2004 2003
Oct-Dec Oct-Dec (in USD 1,000) Jan----------------------------------------- ------------------------
4 361 4 740 Oil sales net of royalties 21 330 11 049
Production and transport
-3 657 -2 363 expenses -12 792 -7 067
-49 - Other operating expenses - -335
- - Exploration costs - -4 350
-263 -1 650 Administrative expenses -3 999 -1 089
-1 000 -1 516 Depletion and depreciation -4 008 -2 386
------------------------------------ -------------------------------------
-608 -789 Operating gain (loss) 531 -4 178
-------------------------------------------------------------------------
-302 -870 Interest costs -1 873 -1 639
-105 114 Foreign exchange gain (loss) 215 55
-477 145 Other financial items (net) 672 -1 306
----------------------------------------------------------- --------------
Results from continued
-1 492 -1 400 operations -455 -7 068
-------------------------------------------- -----------------------------
Result from discontinued
15 - operations - -
- -613 Taxes -613 -
------------------------------------------------- ------------------------
Net profit (loss) before
-1 477 -2 013 minority interests -1 068 -7 068
-------------------------------- -----------------------------------------
Minority interests' portion
240 - of results - 320
------------ -------------------------------------------------------------
Net profit (loss) after
-1 237 -2 013 minority interests -1 068 -6 748
-------------------------------------------------------------------------

$ (0,01) $ (0,01) Earnings (loss) per share $ 0,00 $ (0,06)
Diluted earnings (loss)
$ (0,01) $ (0,01) per share $ 0,00 $ (0,06)

-------------------------------------------------------------------------
Balance Sheet 2004 2003
(in USD 1,000) Dec 31 ---------------------------------------------------------------------
Property and equipment 34 946 38 117
Operations held for sale/discontinued operations - -
Other current assets 4 955 8 811
Inventory 1 115 735
Cash and cash equivalents 6 320 4 006
-------------------------------------------------------------------------
Total Assets 47 336 51 669
-------------------------------------- -----------------------------------
Paid-in capital 19 852 15 535
Retained earnings - -
Minority interests - -
Long term debt 5 979 8 848
Short term debt 7 714 13 112
Other current liabilities 13 791 14 174
-------------------------------------------------------------------------
Total liabilities and equity 47 336 51 669
------------------ -------------------------------------------------------

The financial statement is following the same accounting principles as
per the annual statement for 2003.

lundgren consequence

The total production at the Coral Field in January and February (up until
the date hereof) have been 8,200 bpd and 9,200 bpd, respectively.
A merger prospectus has been distributed to the shareholders in that
regard . The combined company will have a broader resource
base to develop, a stronger management team and , due to its size, command more
interest from potential investors.

paradoxes overturn

5% interest in three operating licences
offshore the Santo Catarina Coast in Southern Brazil, identified as the coral,
Estrela-do-Mar and BS-3 licences. This loan was initially due at the end of 2004.
The proposed merger with Naturgass will be considered by extraordinary
shareholder's meetings in the two Companies on 25 February, 2005 .7 billion at June 30, 2005.

incompleteness theorem

During the fourth quarter, total production from the Coral field (where
NOI's subsidiary Coplex Petroleo do Brasil Ltda. This is a consequence of the previously agreed
cap on the price at USD 33 per barrel agreed with Petrobras remaining in
effect to November 15 , 2004.
The independent consulting firm Gaffney, Cline and Associates, Inc.

paradoxes syllogistic

39% parent
company , issued a press release Thursday, February 24, 2005 in Oslo, Norway
concerning Northern's unaudited financial results for the fourth quarter of
2004. Northern is a Norwegian public company listed
on the Oslo Stock Exchange.no
Phone: + 47 67 11 98 77

This news release may contain certain forward looking statements that
reflect current views and/or expectations with respect to Naftex 's business
and future events. The
Operator is now focusing on this problem.
The partners involved in the Estrela do Mar field (the "EDM" field)
(where Coplex has a 27,5 % share) have lately considered various engineering
and financial studies related to its development. Thus, NOI believes that it is unlikely that the
EDM field will be in production before 2006 at the earliest.

incompleteness contradiction

Petrobras is the
operator of all three licences. The new reserves were outlined in the press release dated
21. In 1976, he became a regular contributing editor of
Newsweek magazine, for which he provides a bimonthly back-page essay.

logic syllogistic

An English version of the press release is attached.

Naftex is the indirect owner of all of the shares in Coplex Brasil.