Norse Energy US Subsidiary Secures DIP Financing Commitment

5 Februay 2012

Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway) announces that its US subsidiary, Norse Energy Corp. USA, has secured a USD 5 million Debtor in Possession (“DIP”) financing commitment from Vanadium Capital L.P. The terms of the commitment are subject to approval by the Bankruptcy Court and lender due diligence.

The Company recently announced that the US subsidiary had filed a voluntary petition for Chapter 11 protection and reorganization under the United States Bankruptcy Code. The purpose of the “DIP” financing will be to fund the US subsidiary’s operations during the Chapter 11 process.

As previously announced, the Company has also been pursuing alternatives to secure funding for the Norwegian parent company, Norse Energy Corp. ASA, in parallel with the efforts to re-organize the business affairs of its US subsidiaries. A successful DIP financing at the NEC USA level is for the purpose of funding that subsidiary. The Norwegian parent company, Norse Energy Corp. ASA, will require a separate source of funds. While the likelihood of securing funding of the Norwegian parent company cannot be predicted at this time, Norse Energy Corp ASA is in close dialogue with bondholders and other stakeholders in pursuit of funding. 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 30 June 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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