Approved prospectus and listing of new shares

Reference is made to the stock exchange notification published by Norse Energy Corp. ASA ("NEC" ASA, OSE ticker code "NEC", U.S OTC symbol "NSEEY") on 25 March 2011 regarding the private placement of 210,000,000 New Shares with gross proceeds of NOK 168 million (approx. USD 30 million). 

Following a resolution by the extraordinary general meeting 15 April 2011, Norse Energy Corp. ASA will conduct a subsequent offering of up to 37,500,000 shares.  

The Financial Supervisory Authority of Norway has today approved the following prospectus:

-          Listing of 210,000,000 New Shares on Oslo Børs ASA, each with a nominal value of NOK 0.37 issued in connection with the Private Placement of shares completed on 25 March 2011 at a subscription price of NOK 0.80 per share

-          Subsequent Offering of up to 37,500,000 shares, each with a nominal value of NOK 0.37 and a subscription price of NOK 0.80 per share, with preferred allocation to owners of subscription rights

37,500,000 subscription rights will be issued to Eligible Shareholders as of 24 March. Eligible Shareholders are the shareholders of the Company as of 24 March 2011, as registered in the VPS on 29 March 2011, except for (i) those shareholders who subscribed for shares in the private placement and (ii) shareholders who are restricted from participating in the Subsequent Offering due to laws and regulations in their home country jurisdiction. The Eligible Shareholders will receive 0.08 subscription rights for every share held 24 March 2011. One subscription right will grant the right to subscribe for one (1) Offer Share. Oversubscription is allowed.

The subscription period in the Subsequent Offering will commence 20 May 2011 and end on 27 May 2011 at 10:00 CET. Subscription rights not used to subscribe for Offer Shares before the expiry of the subscription period will be of no value and will lapse without compensation to the holder.

Eligible shareholders will be notified in a separate letter. Please refer to the prospectus for further information.

Carnegie ASA and Pareto Securities AS are acting as managers for the subsequent offering.

The prospectus will be available electronically at www.norseenergycorp.com and, for Norwegian investors with a VPS account, on www.carnegie.no and www.pareto.no. The prospectus will also be available free of charge at the business offices of Norse Energy Corp. ASA, Carnegie ASA and Pareto Securities AS during the subscription period.

For further information, please contact:

Richard Boughrum, CFO

Tel:  +1 716 218 4201

Cell: +1 714 520 1702

rboughrum@norseenergy.com