Norse Energy US Subs Secure DIP Financing

29 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 secured on 29 April Final Approval of a $3.8 million Debtor in Possession (“DIP”) loan from a Norwegian-based Special Purpose Vehicle funded by certain existing NEC ASA lenders.

Norse ASA recently informed that it had secured new funding to sustain existing operations at the parent company level and of approval on 12 April for Interim DIP Funding of USD 800,000 for its US subsidiaries, while awaiting Final Approval of the balance of a USD 3.8 million loan at the April 29th U.S. Bankruptcy Court hearing.

As previously advised the DIP loan requires that Norse Energy Corp. USA enter into a process to sell assets, and 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.

“This DIP facility should provide Norse with the time needed to conduct an orderly sale of sufficient assets to pay our existing debt obligations and to pursue development of our remaining resources,” commented Norse CEO Mark Dice  

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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