Stavanger, 29 February 2012: Norwegian Energy Company ASA (Noreco) today publishes its Annual Statement of Reserves. Total proven and probable (2P) oil and gas reserves at the end of 2011 were 22.9 million barrels of oil equivalents (mmboe), down from 45.8 mmboe the year before.

The main reason for the reduction was the sale of the company's interests in the fields Brage, South Arne and Siri. The company's net production for the year from the remaining portfolio was 1.7 mmboe.

The complete statement is enclosed in PDF format.

For further information, please contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)