Rocksource CEO Terje Arnesen is stepping down from the company today after a mutual agreement with the firm's board.
The Norwegian company has also agreed with Hans Petter Klohs that the services provided under a consultancy agreement for the CFO position will end as of 31 August.
Rocksource's board commended both men for their work for the company, "through a period with a very high activity level."
Until further notice, the chairman of the board will handle the responsibilities of the CEO position.
Rocksource has been the subject of a takeover bit by private equity backed exploration outfit EPSI.
EPSI, a HitecVision VII investment, initially increased its holding in Rocksource to 33.34% on 3 December, at the time stating its plans to acquire the remaining interest through a mandatory offer.
Rocksource's assets on the Norwegian Continental Shelf (NCS) include 15% interest in the Pil and Bue discoveries, made in 2014 with the Transocean Arctic (pictured) semisubmersible. Pil is estimated to contain 90-170MMboe and further drilling is expected in the area in 2015 by operator VNG Norge.
Rocksource also has acreage positions in the UK North Sea and the US Gulf of Mexico. However, the company has been considering selling some assets, potential in the Gulf of Mexico and Norway, to improve its funding.