Norse Energy US Subs File for DIP Financing

6 April 2013

Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway) announces that its US subsidiaries, Norse Energy Corp. USA and Norse Energy Holdings, Inc., have filed a Motion for Interim Funding of up to USD 800,000 and Final Approval of the balance of a USD 3.8 million Debtor in Possession (“DIP”) loan from a Norwegian-based Special Purpose Vehicle funded by certain existing NEC ASA lenders.

Terms of the DIP loan agreement are subject to approval by the Bankruptcy Court, which will address the Interim Funding at a hearing scheduled for April 10. If Interim Funding is granted, a hearing addressing Final Approval of the $3.8 million DIP loan, which requires a minimum of 14 days notice, would then be scheduled. No assurance can be given that such approvals will be granted.

Norse previously advised that the loan will: (i) be collateralized by the assets of the US subsidiaries, (ii) bear interest at 12% per annum payable at maturity, (iii) have a maximum term of 9 months and (iv) have a 6% commitment fee assessed on the unused portion of the DIP loan facility. The facility requires Norse Energy Corp. USA to enter into a process to sell assets. The “DIP” financing will only fund the US subsidiary’s operations while in Chapter 11. In a related decision, on April 1, the Court extended by ninety days the period of time that the US subsidiaries have the exclusive right to propose plans for reorganization.

As previously advised, the Norwegian parent company, Norse Energy Corp. ASA, is in default on its existing loans and requires a separate source of funds to sustain operations. Consequently, Norse Energy Corp. ASA is in close dialogue with its creditors and other stakeholders in pursuit of new funding. The likelihood of securing funding of the Norwegian parent company cannot be predicted at this time. The Company will update the market in due course on any developments.

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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