Reverse split of shares

Stavanger, 13 May 2015: Reference is made to the stock exchange announcement made by Norwegian Energy Company ASA (the "Company") on 7 May 2015 regarding reverse split (amalgamation) of shares.

Pursuant to the extraordinary general meeting's resolution of 3 March 2015 to carry out a reverse split of shares, such amendment of the Company's articles of association will today be registered in the Norwegian Register of Business Enterprises. The reverse split ratio is 100:1, thus 100 existing shares give 1 new share after the reverse split. Standard rounding will be applied to the shareholdings. Hence, shareholders holding 49 shares or less at the close of trading on 13 May 2015 will have zero shares following completion of the reverse split and no consideration applies.

Following effectuation of the reverse split, the Company has a share capital of NOK 70 947 303.8 divided into 7 094 730 shares each with a nominal value of NOK 10.

The Company's shares will be listed ex reverse split and with new face value as of Friday, 15 May 2015.

Contact:
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
or investorrelations@noreco.com

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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. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.