Finalization of Bond Restructuring

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June 30, 2010

 Norse Energy Corp. ASA (“NEC”, OSE ticker code) – successfully completed its bond restructuring today which provided for an extension of maturities on US$45,000,000 of debt by one year and an extension of two years on an additional $45,000,000 of debt.

 The principal payment schedule on its remaining outstanding bonds is as follows:

 (USD millions)                        

 An amount of $15.9 million in principal will be prepaid at the closing of the bond restructuring.

 "The extension of our debt maturities and the small principal payment due in 2011 provide Norse with increased financial flexibility as we continue to build shareholder value by pursuing our development plans for our huge resource base of 4 Tcf of natural gas primarily in the Herkimer, Marcellus Shale and Utica Shale. We continue to expect implementation of shale drilling and fracking regulations in New York State later this year. With our new bond payment schedule, we will now be better positioned to take advantage of value generation opportunities from our future drilling programs," according to Øivind Risberg, Chief Executive Officer.     

 Reference is made to the Norse Energy Corp. ASA (“NEC”) press releases dated December 9 and 17, 2009 regarding the bond restructuring proposal and subsequent approval of such restructuring by bondholders. Reference is also made to NEC’s press release 21 December 2009 concerning the demerger of NEC, and the therein included resolutions.

 The NEC01 bond loan of NOK 286.5 million was assumed by Panoro Energy ASA upon its recently announced demerger from NEC. The completion of the bond restructuring means that PEN and NEC are no longer jointly liable for each other’s bond debt.

 NEC’s bond loans NEC02-05 have been ascribed a new borrower, NEC’s US subsidiary Norse Energy Holdings INC. All obligations under the loan agreements of the new borrower will be guaranteed by NEC.

 The bondholders are compensated with (amongst others) security by pledge over shares in subsidiaries and intercompany loans, early repayments of 15% of all outstanding bonds, 55,430,000 new warrants and increased interest coupon to 13.5%.

 The prepayment of approximately US$ 15.9 million (15%) plus accumulated interest will be made to NEC02-05 bondholders on or about July 14, 2010.

 The bond restructuring has now been finalized. Please find attached the restated loan agreement and amendment agreement and the warrant agreement.

For further information, please contact:

Richard Boughrum, CFO                                                                                               

Cell: +714 520 1702

Email: rboughrum@norseenergy.com

Please visit www.norseenergy.com for more information.