GROUP REORGANISATION

1/2/2013 2:00 AM EST

Stavanger, 2 January 2013: Reference is made to announcements of 28
September 2012 and 30 October 2012 concerning a reorganization of the
Noreco group structure in order to provide for more efficient
operations, and to received approval from the Norwegian Ministry of
Petroleum and Energy regarding the transfer of all production licences
and operatorships from the parent company Norwegian Energy Company ASA
to its subsidiary Noreco Norway AS.

Noreco has on 31 December 2012 completed the planned and announced
transfers, with the effect that from the expiry of the same date, all
related assets, contracts and personnel have been transferred to the
subsidiary Noreco Norway AS. Noreco Norway AS has thereby become owner
of all the group's licenses on the Norwegian continental shelf, and the
parent company has discontinued its direct petroleum activities.
Contacts:
Einar Gjelsvik, CEO (+47 992 83 856)
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

This information is subject of the disclosure requirements pursuant to
section of 5-12 of the Norwegian Securities Trading Act
About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. The company's focus is
to explore, develop and produce oil and gas in the North Sea region.
Since incorporation in 2005, the company has grown through license
rounds, successful exploration and acquisitions. Noreco operates in
Norway, Denmark and United Kingdom, and employs around 70 oil and gas
professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com