Stavanger, 29 March 2008: Norwegian Energy Company ASA (OSE:NOR), Noreco announced today that its Board of Directors has
approved the 2007 annual financial statements based on international
financial reporting standards (`IFRS`).

The Company reported its IFRS unaudited 4th quarter and preliminary
full year 2007 results on February 21, 2008. Except for certain minor
 reclassifications, there were no changes to the IFRS
consolidated statements compared to those presented in the February
earnings release.

Noreco expects to send the annual report for 2007 to the company`s
shareholders in the first half of April. The report will also be available on Norecos web page www.noreco.com.

 

For further information, please contact:
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)