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Implementation of 10-1 Reverse Share Split in Norse Energy Corp ASA (“NEC”) and Adjustment of Warrants (“NEC K")

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29 May 2012

The Ordinary General Meeting held on 29 May 2012 inter alia resolved on a reverse share split (consolidation) whereby 10 existing shares with nominal value NOK 0.368834881 shall be replaced by 1 new share with par value NOK 3.68834881. This reverse split will be implemented with 29 May 2012 as the last day for trading in the old shares (30.5 being the “ex date”).

The NEC K warrants will be adjusted upon the implementation of the reverse share split whereby the exercise price will be multiplied with 10 and the amount of warrants divided by 10. The new exercise price will accordingly be NOK 22,10 per share.

For further information please contact:

J. Chris Steinhauser, Chief Financial Officer
Direct: +1 716 218 2048
Email: csteinhauser@norseenergy.com