Bond restructuring proposal and summon for bond holder meeting

Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTCQX symbol “NSEEY”) has today proposed a full restructuring of its bond portfolio by putting forward a joint proposal to restructure all of the outstanding bonds (NEC01, NEC02, NEC03, NEC04PRO and NEC05PRO). The debt obligations will be separated between the US and Brazil entities following a demerger of Norse Energy Corp. ASA. The proposed changes to the current Loan Agreements, along with the contemplated demerger will create two strong and robust companies with distinct business cases. The Company has reached an agreement with the largest bondholders for a complete restructuring of its bond portfolio. In general terms, the Company proposes to extend the bonds’ maturity by 1-2 years and obtain the bondholders’ unconditional acceptance for a demerger of Norse Energy Corp. ASA. In return, the bondholders are compensated with (amongst others) security by pledge over shares in subsidiaries and intercompany loans, early repayment of 15% of all outstanding bonds, new warrants in the US entity and increased interest coupon. See enclosed summons letter for more information. The original schedule for principal repayments was approximately USD 59 million in 2010, USD 75 million in 2011 and USD 23 million in 2012. After early repayment of approximately USD 24 million, the new proposed schedule will have no further principal repayments in 2010, approximately USD 25 million in 2011, USD 57 million in 2012, USD 42 million in 2013 and USD 10 million in 2014. This reduces principal repayments in 2010 with approximately USD 36 million and USD 50 million in 2011, hence greatly improving the near term financial flexibility. A bondholders meeting is called for December 17, 2009 to vote for the proposed changes to the Loan Agreement. Norse Energy has already received pre-acceptance from the largest bondholders. The restructuring proposal will become effective upon a successful completion of a demerger and will enable the two companies to pursue independent and distinctive growth strategies. “We believe that the restructuring is attractive for all of our stakeholders and is a significant step toward splitting the Company into a US onshore and Brazil offshore company. The restructuring will provide a more flexible financial structure and sufficient time to properly capitalize on our huge resource bases and the unique competitive position we hold in both our US and Brazil divisions”, says CEO Øivind Risberg. The Company will call for an Extraordinary General Meeting for the demerger following the bondholder meeting. In connection with the restructuring, First Securities AS and Pareto Securities AS act as financial advisors. Wiersholm act as legal counsel to Norse Energy Corp. ASA. Please find enclosed the summons letter. Detailed descriptions of all the proposed changes can be found in the draft Amendment Agreements and Amended and Restated Loan Agreements for the Loans attached as the “Amendment Documents”, being available at http://www.stamdata.no and Norse’s website, http://www.norseenergycorp.com. For further information please contact: Anders Kapstad, CFO Tel: +47 23 01 10 01 Cell: +47 918 17 442 Email: akapstad@norseenergy.com Jonas Gamre, Investor Relations Tel: +47 23 01 10 02 Cell: +47 97 11 82 92 Email: jgamre@norseenergy.com