Stavanger, 6 May 2008: Norwegian Energy Company ASA (OSE:NOR),

Noreco's oil, gas and NGL production for April 2008 was 11,100 barrels of oil equivalents (boe) per day. The average price achieved in April was 105 US$ per boe. In the beginning of May, Noreco set a new price record for crude oil sales at 116 US$ per barrel.

 

The daily production of 11,100 barrels does not include any volumes from Noreco's recent acquisition of Talisman Oil Denmark Limited, which is expected to be completed by June 2008.

 

Production in April was strong across the company's 7 producing fields. At the Brage field in Norway production remained high, partly due to good, sustainable production performance from the recently completed Bowmore well. At the Siri field in Denmark, the production in April was approximately 8,100 barrels per day gross (of which Noreco currently has 20%, and will have 50% upon completion of the abovementioned acquisition). The first of two production wells at Siri this year is being completed, and production is expected to start imminently.

 

Production for the first four months of the year is ahead of plan, and the company will assess the production levels over the next few months before any revisions to the production guidance for 2008 is made.

 

Oil prices remain strong, and the average net price per barrel achieved for the month was 105 US$. In the beginning of May, the company set a new price record for crude oil sales at 116 US$ per barrel.

 

The production volumes are preliminary and are subject to adjustments, including final allocations between fields, quality adjustments and prices. The average prices stated are per barrel of oil equivalents after cost of put options.

 

 

Scott Kerr, CEO (+47 992 83 890)

Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)