Norse to Redeem its NEC03 Bonds

Reference is made to the February 28, 2012 press release in which Norse Energy announced the proposed refinancing of the bond portfolio. Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces the exercise of its call option in respect of the NEC 03 bonds.

The Company wishes to redeem the NEC03 Bonds and is exercising its call option in accordance with section 10.2 of the Amended and Restated Loan Agreement.

Settlement of the NEC03 Bonds will take place on 4 April 2012.

The NEC03 Bonds are called at 106 % of principal value (where the principal value is USD 3.74 million), with the addition of accrued and unpaid interest on the NEC03 Bonds to settlement date.

The Company owns in fee or has leases covering approximately 131,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~98,000 net acres lies in the Marcellus and Utica natural gas fairways in Central New York.

For further information, please contact:

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

S. Dennis Holbrook, Chief Legal Officer
Cell: +1 716 713-2489 Email: dholbrook@norseenergy.com