Norse Energy US Subsidiaries Procure DIP Financing

20 March 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 reached an agreement with a Norwegian-based Special Purpose Vehicle funded by certain existing NEC ASA lenders for a USD 3.8 million Debtor in Possession (“DIP”) loan. The terms of the agreement are subject to approval by the Bankruptcy Court and lender due diligence. No assurance can be given that such approvals will be granted.

The terms of the loan provide for an interim advance of USD 800,000 pending entry of a final Court order approving the DIP loan facility, with the balance to be advanced in successive draws thereafter. The loan shall bear interest at 12% per annum payable at maturity. The loan has a maximum term of 9 months. There shall be a 6% commitment fee assessed on the unused portion of the DIP loan facility. The facility will be collateralized by the assets of the US subsidiaries. The facility requires that the US subsidiary, Norse Energy Corp. USA, enters into a process within 60 days of court approval of the interim advance to sell assets. The purpose of the “DIP” financing will be to fund the US subsidiaries operations during the Chapter 11 process.

A successful DIP financing at the US subsidiary level is for the purpose of funding those subsidiaries. The Norwegian parent company, Norse Energy Corp. ASA, will require a separate source of funds. Norse Energy Corp ASA is in close dialogue with Norse stakeholders in pursuit of 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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