Share Capital Increase

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Stavanger, 18 January 2011: Norwegian Energy Company ASA (OSE:NOR) The share capital increase in Noreco announced 6 January 2011 has been registered in the Norwegian Registry of Business Enterprises.

Noreco`s share capital is NOK 755 913 033,40 divided on 243 842 914 shares, each with a nominal value of NOK 3.10. Noreco's Articles of Association have been amended accordingly.

 Please find attached the updated company certificate.

 For further information, please contact:

 Scott Kerr, CEO (+47 992 83 890)
Rune Martinsen, Vice President Investor Relations (+47 992 83 853)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)