Approved Prospectus and Listing of New Shares

February 17, 2012

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") dated 9th January 2012 and 30th January 2012 regarding conversion of parts of the Company’s debt to equity at a subscription price of NOK 0.40 and NOK 0.37 per share, respectively.

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

-          Listing of 343,521,379 New Shares on Oslo Børs, each with a nominal value of NOK 0.37 issued in connection with the conversion of bonds to equity

Carnegie ASA and Pareto Securities AS acted as managers for the conversion of debt to equity.

The prospectus is attached to this announcement and will also be available electronically at www.norseenergycorp.com. The prospectus will also be available free of charge at the business offices of Norse Energy Corp. ASA, Carnegie ASA and Pareto Securities AS.

For further information, please contact:

J. Chris Steinhauser

Chief Financial Officer

Phone: +1 716 568-2048

Email: csteinhauser@norseenergy.com