October 2010 production

Stavanger, 5 November 2010, Norwegian Energy Company ASA (Noreco, OSE:NOR): Noreco's oil and gas production in October 2010 was 9,600 barrels of oil equivalents (boe) per day. Net realized oil price was USD 78.25 per boe after adjustments for oil put options, inventory and NGL and gas prices.

Total production from the Siri area in October was 13,300 boe/day (4,975 boe/day net to Noreco). Nini and Cecilie were shut in for parts of the month due to a power outage. The SCB-1 production well remained shut in through October. Noreco's equity production per field: Siri 2,000 boe/day, Nini East 2,075 boe/day, Nini 550 boe/day, Cecilie 350 boe/day.

Brage produced around 21,000 boe/day (2,600 net) in October. Production has been stable since it restarted 3 October following compressor repairs. The new production well A-19 was brought on stream 30 October.

South Arne production was around 22,000 boe/day (1,625 net). The two new production wells were brought on stream and contributed to increasing production throughout the month.

Net production to Noreco from the Enoch and Lulita fields was 125 and 300 boe/day respectively.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.

For further information, please contact:
Scott Kerr, CEO (+47 99 28 38 90)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

About Us

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.