Norse Announces Bond Pre-payment

22 May 2012

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") announced today that it has advanced funds totaling USD ~35 million toward pre-payment of the amounts remaining outstanding under the NEC 02/04/05/06 bond issues, plus accrued interest thereon. The record date for the payment will be May 24, 2012.

For further information, please contact:

J. Chris Steinhauser

Chief Financial Officer

Phone: +1 716 568-2048