Completion of Loan Conversion

20 August 2013

Reference is made to the announcement by Norse Energy Corporation ASA ("NEC") on 1 August 2013 regarding a notification on conversion of USD 202,973 of its convertible loan with ISIN NO0010640790.

Following the completion of the conversion, the share capital of NEC was registered increased on 19 August 2013. The new registered share capital is NOK 51 629 493.75 divided on 688 393 250 shares, each having a par value of NOK 0.075.

The Company has a significant land position of ~130,000 net acres in New York State with certified 2C contingent resources of 951 MMBOE as of 31 December 2012.

For further information, please contact:

Chris Steinhauser, Chief Financial Officer
csteinhauser@norseenergy.com
Office: +1 713 975 1900

S. Dennis Holbrook, Chief Legal Officer
dholbrook@norseenergy.com
Office: +1 716 568 2048

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