Conclusion of Previously Announced Due Diligence Review

29 April 2012

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) advises that the sale of acreage and overriding royalty interests that was announced on January 2, 2012 is now complete.  The Buyer finished its due diligence review with ~USD 70,000 additional funds plus certain expenses being released from escrow.  Total cash consideration for the transaction is ~USD 21.7 million.  In addition, sales or pending sales totaling ~USD 300,000, which were subject to third party first right of refusal, bring the total transaction value to ~USD 22 million. Following this sale the anticipated Herkimer sale to Emkey, the Company expects to retain a significant land position of ~130,000 net acres in New York State.

For further information, please contact:

J. Chris Steinhauser, Chief Financial Officer

Phone: +1 716 568-2048 

Email: csteinhauser@norseenergy.com

S. Dennis Holbrook, Chief Legal Officer 

Cell: +1 716 713-2489 

Email: dholbrook@norseenergy.com