DISCLOSURE OF MANDATORY TRADE

12 June 2013

As part of the restructuring of Norse, primary insiders Mark Dice, Dennis Holbrook, and Nazir Ali have subscribed warrants as approved by the extraordinary general meeting held 31 May 2013. Subscription and holdings are as follows:

Mark Dice subscribed 37,600,000 warrants, each with an exercise price of NOK 0.10. Following subscription and delivery of the warrants, total holding is 225,000 shares and 39,516,667 warrants/options. 

Dennis Holbrook subscribed 18,800,000 warrants, each with an exercise price of NOK 0.10. Following subscription and delivery of the warrants, total holding is 218,387 shares and 19,883,333 warrants/options. 

Nazir Ali subscribed 16,920,000 warrants, each with an exercise price of NOK 0.10. Following subscription and delivery of the warrants, total holding is 0 shares and 17,920,000 warrants/options. 

For further information, please contact:

Chris Steinhauser, Chief Financial Officer
csteinhauser@norseenergy.com
Office: +1 713 975 1900

S. Dennis Holbrook, Chief Legal Officer
dholbrook@norseenergy.com
Office: +1 716 568 2048