NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

 

 

Stavanger, 29 October 2009: Norwegian Energy Company ASA ("Noreco" or the "Company" -  OSE:NOR): Reference is made to the prospectus dated 19 October 2009 regarding the subsequent offering of up to 7,100,000 new shares in Noreco at a subscription price of NOK 15 per share.

 

The subscription period in Noreco's subsequent offering expired on 27 October, 2009.

 

The offering was significantly oversubscribed. Based on the allocation principles described in the prospectus, the Company's Board of Directors has resolved to issue 5,164,829 new shares at NOK 15 per share, raising gross proceeds of NOK 77.5 million.

 

Allocation letters will be distributed on or about 30 October, 2009. Payment date is 3 November, 2009.

 

 

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For further information, please contact:

Einar Gjelsvik, Vice President Strategy & Investor Relations, +47 992 83 856

 

 

* This press release is for information purposes only and shall not constitute an offer to buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell, issue, or subscribe for any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In particular, the securities referred to in this announcement have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act"), or under the securities legislation of any state of the United States, and may not be offered or sold in the United States. The securities are being offered and sold outside the United States in "offshore transactions", as defined in, and in accordance with, Rule 903 of Regulation S under the Securities Act. No public or other offering of securities of the Company has been or will be made in connection with the Private Placement in the United States.

 

This press release may contain certain  forward-looking  statements relating to the  business, financial performance  and results of  the Company and/or  the industry  in which  it operates.  Forward-looking statements  concern  future  circumstances  and  results  and   other statements that are not historical facts, sometimes identified by the words  "believes",  expects",   "predicts",  "intends",   "projects", "plans", "estimates", "aims",  "foresees", "anticipates",  "targets", and similar expressions. Any forward-looking statements contained  in this press release, including assumptions, opinions and views of  the Company or cited  from third  party sources are  solely opinions  and forecasts which are subject to risks, uncertainties and other factors that  may  cause  actual  events   to  differ  materially  from   any anticipated development. None of the Company, the Manager or any of their  affiliates  or  advisors   provide  any  assurance  that  the assumptions underlying such forward-looking statements are free from errors nor do any  of them accept any  responsibility for the  future accuracy of  the opinions  expressed  in this  press release  or  the actual occurrence of the forecasted developments. Neither the Company nor the Manager assume any obligation to update any  forward-looking statements or to conform  these forward-looking statements to  actual results.