Production August 2011

Stavanger, 6 September 2011: Norwegian Energy Company ASA (Noreco) in August 2011 produced 3,995 barrels of oil equivalents (boe) per day. Net realized oil price was USD 110 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production per field (boe):
Nini East - 2.287
Nini - 950
Cecilie - 354
Lulita - 338
Enoch - 66

The produced oil from Nini East, Nini and Cecilie is currently being stored directly on tankers pending repair of a riser at the Siri platform. This is causing some reduction in production regularity from these fields.

Noreco in July entered an agreement to sell its share of the Siri field to DONG Energy with economic effect from 1 July 2011. In August, the company entered an agreement to sell its share of the South Arne field to Hess with valuation date 1 January 2011. Production from these fields is therefore no longer included in the monthly production report.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.

Contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

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

About Us

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

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