Registered share capital increase and reverse split

Stavanger, 29 September 2014; Reference is made to the stock exchange announcement made by Norwegian Energy Company ASA (the "Company") on 17 September 2014 regarding merging of shares (reverse split).

Pursuant to the authorisation granted in the extraordinary general meeting on 17 September 2014, the Board of Directors resolved on the same day to issue 16 new shares to facilitate the reverse split. The amendments to the Company's articles of association in connection with the reverse split have today been registered in the Norwegian Register of Business Enterprises. Following the issuance of new shares (but prior to the effectuation of the reverse split), the Company has a share capital of NOK 565 848 510 divided into 5 658 485 100 shares each with a nominal value of NOK 0.10.

The Company's shares will be listed ex reverse split and with new face value as of tomorrow 30 September 2014. The reverse split is made in the ratio 100:1, thus 100 existing shares give 1 new share after the reverse split. Following completion of the reverse split the Company therefore has 56 584 851 shares, each with a nominal value of NOK 10.

Contact:
Tommy Sundt, CFO (0047 908 55 000)

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 53 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com