Extension of maturity of NOK 200 million bond loan (NEC03)

Norse Energy Corp. ASA announces that a majority of the bondholders in NEC03 has accepted a voluntary offer to exchange existing bonds at par value for bonds in a new issue which extends the maturity date from July 7, 2010 until September 25, 2012. The interest rate changes from a floating 3-month NIBOR + 4.25% to a fixed interest rate at 11.5% p.a.

The company intends to make a voluntary exchange offer to acquire remaining outstanding bonds of NEC03, in exchange for bonds in a new bond issue with maturity September 25, 2012. The offer is scheduled to expire September 19, 2008, subject to extension or earlier termination.

Fearnley Fonds ASA is acting as financial advisor to Norse Energy Corp. ASA in connection with the Offer.

Contact information:

Norse Energy Corp. ASA
Anders Kapstad, CFO
Tel.: +47 9181 7442

Fearnley Fonds ASA
Thomas Berg-Nielsen
Tel.: +47 22 93 63 51