Approved Warrants To Employees Will Not Be Issued

4 June 2012

Reference is made to the approval in the ordinary Annual General Meeting (“AGM”) on 29 May 2012 of the issuance of warrants to employees under a new 2012 Option Program and the formalization of the 2006 and 2008 Options Programs with issuance of warrants to employees holding such options.

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S. OTCQX symbol "NSEEY") announces that although the plan as presented was approved in the AGM, the Board of Directors together with senior management have decided to cancel the issuance of these warrants based on proposed refinements to the plan received from Norse shareholders.

The Company plans to incorporate suggested refinements in a forthcoming new recommendation for the issuance of warrants to Norse employees.

This is a disclosure under the disclosure rules of the Oslo Stock Exchange.

For further information, please contact:

J. Chris Steinhauser, Chief Financial Officer

Direct: +1 716 218 2048

Email: csteinhauser@norseenergy.com

S. Dennis Holbrook, Chief Legal Officer

Direct: +1 716 218 4210

Email: dholbrook@norseenergy.com