Issuance of convertible loan

25 April 2013

Reference is made to the stock exchange release announcing the Restructuring of Norse Energy Corp. ASA (the “Restructuring Release”) ("NEC ASA" or the “Company”, with the ticker “NEC” on the Oslo Stock Exchange, Norway).

In line with the terms of the Restructuring, the Board of NEC ASA has passed a resolution to issue a NOK 7,100,000 convertible loan (the “Convertible Loan”). The Convertible Loan has been offered subscribed by the following:

Name Amount (NOK)
Megaron AS 2,000,000
Bjarte Bruheim 1,500,000
Mabe Invest AS 1,600,000
Torben Halvorsen 1,000,000
SAF Invest AS 400,000
Jan H. Farstad 400,000
Tyrholm & Farstad AS 200,000

The Convertible Loan shall be subscribed and paid within 29 April 2013 (the “Settlement Date”). The Convertible Loan will carry an interest of 5% p.a., fall due for payment 9 months after the Settlement Date (the “Maturity Date”) and be convertible into shares at a conversion price equal to the higher of the par value of NEC ASA’s shares and NOK 0.075 per share. The Convertible Loan is convertible from the date the new shares to be issued in the Interest Conversion (as defined in the Restructuring Release) are issued with the VPS and tradable on Oslo Børs and until the Maturity Date.

The Convertible Loan has been issued pursuant to the Board’s authorization as granted by the extraordinary general meeting held on 5 July 2012.

Existing shareholders’ preferential rights to subscribe the Convertible Loan has been set aside in order to meet one condition for the restructuring described in the Restructuring Release.

The Company will provide further information on the transactions described in the Restructuring Release as and when appropriate.

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:

J. Chris Steinhauser, Chief Financial Officer
Phone: +1 713 975-1900 Email: csteinhauser@norseenergy.com

S. Dennis Holbrook, Chief Legal Officer
Cell: +1 716 713-2489 Email: dholbrook@norseenergy.com

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