Stavanger, 17 February 2011: 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 2010 was 45.8 million barrels of oil equivalents (mmboe), up from 37.2 mmboe the year before.

 

The main contributions to the growth in reserves came from the Huntington field and the South Arne Phase III development, in addition to net positive revisions for the producing fields.

 

Added 2P reserves amounted to 12.7 mmboe, while the company's net production for the year was 4.1 mmboe, corresponding to a reserve replacement ratio above 300 percent.

 

The complete statement is enclosed in PDF format.

 

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

 

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