Production February 2011

Stavanger, 7 March 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) in February 2011 produced 11,025 barrels of oil equivalents (boe) per day. Net realized oil price was USD 101.7 per boe after adjustments for oil put options, inventory and NGL and gas prices.

Total production from the Siri area fields in February was about 16,100 boe/day (6,025 boe/day net to Noreco). The fields have produced with high regularity following the upgrade of the gas compressor on the Siri platform in January. Drilling of a new water injector on Nini East is underway. Noreco's equity production per field: Siri 2,125 boe/day, Nini East 2,000 boe/day, Nini 1,275 boe/day, Cecilie 625 boe/day.

Brage produced around 26,500 boe/day (3,225 net) in February. Drilling of well A-14 A (Arran), a combined exploration and production well which started in December, is still ongoing.

South Arne production was around 23,300 boe/day (1,475 net).

Net production to Noreco from each of the Lulita and Enoch fields was 200 and 100 boe/day respectively.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.

For further information, please contact:
Scott Kerr, CEO (+47 99 28 38 90)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)