Norse Energy SGEIS and Financing Update

2/13/2013 7:43 PM EST

13 February 2013
Norse Energy Corp. ASA ("NEC ASA" or "NEC" ticker Oslo Stock Exchange,
Norway) announces that New York State Department of Environmental
Conservation (DEC) has been advised by the New York State Department of
Health (DOH) that they would need "a few more weeks" to complete their
health review of the proposed Supplemental Generic Environmental Impact
Statement (SGEIS). Issuance of the final SGEIS is contingent upon a
determination that the SGEIS has adequately addressed health concerns.

"This does not mean that the issuance of High Volume Hydraulic
Fracturing (HVHF) would be delayed", commented Commissioner Martens.
"The DEC can accept and process high volume hydraulic fracturing permit
applications 10 days after issuance of the SGEIS", Martens continued.

NEC ASA previously communicated that its US subsidiary, Norse Energy
Corp. USA (Norse Energy) filed in December 2012 a voluntary petition for
Chapter 11 protection and reorganization under the United States
Bankruptcy Code. Since then, Norse Energy has been seeking Debtor in
Possession (DIP) financing to fund the US subsidiary's operations during
the Chapter 11 process. Vanadium Capital L.P. recently signed a term
sheet to provide such funding, which it has now withdrawn. Several other
parties have expressed interest in providing "DIP" financing and we
continue to work toward terms acceptable to Norse and the court.
However, there remains a significant risk that no agreement will be
reached.

Discussions are also continuing with bondholders and other stakeholders
concerning funding of NEC ASA.

Norse Energy owns or leases approximately 130,000 net acres in New York
State, of which ~33,000 lie in the liquids rich shale fairways of
Western New York, and the remaining ~97,000 net acres lie in the
Marcellus and Utica natural gas fairways of Central New York. The
Company's certified 2C Contingent Resources are now 951 net MMBOE or 5.4
TCFGE.

For further information, please contact:

Chris Steinhauser, Chief Financial Officer

 

Office: +1 713 975 1900

S. Dennis Holbrook, Chief Legal Officer

 

Office: +1 716 568 2048