Norse Energy Announces Results of EGM

22 November 2011

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that at an Extraordinary General Meeting (EGM) of shareholders held on 22 November 2011, Norse shareholders approved the following resolutions:

  • Replacement of board members Dag Erik Rasmussen (Chairman) and Katherine Støvring with Cecilie Amdahl (Chairman) and former Norse CEO Øivind Risberg, respectively;
  • Authorization to the board to reduce share capital through a reduction in par value from NOK 0.36883488 to NOK 0.01 per share;
  • Authorization to the board to increase the Company’s share capital by up to 50%;
  • Authorization to the board to issue convertible bonds;
  • Authorization to the board to issue warrants in connection with share issues and/or convertible loans; and
  • Authorization to amend the Articles of Association to enable the board to issue a reverse split of fifty shares to one share.

“The Company sponsored resolutions, which have now been approved by our shareholders, will provide Norse with greater flexibility with respect to finding financing solutions in these challenging times” commented Norse CEO Mark Dice. “We will miss the valued input and guidance provided to Norse by Dag Erik Rasmussen and Katherine Støvring and yet we look forward to the opportunity presented to Norse with the addition of experienced new board members Cecilie Amdahl and former Norse CEO Oivind Risberg,” concluded Mr. Dice.

Minutes from the EGM will be forwarded by a separate press release.

For further information, please contact:

J. Chris Steinhauser, Chief Financial Officer
Office: +1 716 568-2048, Email:
csteinhauser@norseenergy.com

S. Dennis Holbrook, Chief Legal Officer

Office: +1 716 568-2048, Cell: +1 716 713-2489, Email: dholbrook@norseenergy.com