Annual Report and Accounts 2011

22 May 2012

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") will today publish the Annual Report for 2011 on the company website. Reference is made to the news release on April 29, 2012, advising of a revision in the Company’s Financial Calendar.

Attached to this press release is a copy of the complete Annual Report, which contains the Annual Accounts for 2011 in English.

As a result of the sale of Herkimer related assets, the Company has changed certain key assumptions underlying the value in use. The Company assessed whether this transaction provided new information on the assets’ fair market value at the balance sheet date. This assessment resulted in an additional USD 15.9 million of impairment and an additional USD 2.9 million of allowance for uncollectable accounts receivable compared to the preliminary Q4 2011 accounts published on 28 February 2012.

For further information, please contact:

J. Chris Steinhauser

Chief Financial Officer

Phone: +1 716 568-2048

Email: csteinhauser@norseenergy.com

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