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First Quarter Report 2010

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Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S. OTCQX symbol "NSEEY") and its subsidiaries (“Norse Energy” or “the Company”) reports EBITDA of USD 7.6 million for the quarter. With the upcoming demerger, the Company has spent considerable time and effort processing and preparing for the future development and growth opportunities both for its US and Brazilian businesses. 

First Quarter Highlights and Subsequent Events 

Corporate

  • Demerger of the Company into two distinct business cases with current focus offshore Brazil and on unconventional oil & gas in the US, was approved in an Extraordinary General Meeting in January 2010.
  • An Extraordinary General Meeting in April 2010 approved of a merger of New Brazil Holding ASA with Pan Petroleum Holding AS, creating a new South Atlantic oil and gas independent. Funding was secured through a USD 65 mill
  • ion private placement, and an application for a separate stock exchange listing has been approved conditioned on submission of a prospectus.     

Key financials and operations

  • Group net production was 4,684 BOE/day in Q1-10, an increase of ~3% from 4,543 BOE/day in Q4-09.
  • Drilled 2 Herkimer wells before suspending the Herkimer drilling program to accommodate seasonal “frost laws” and to investigate influx of water in some of the newer wells.
  • Initiated acquisition of 60 square miles (38,000 acres) of 3D seismic to evaluate our Central New York acreage.
  • Confirmed several hydrocarbon traps on 3D seismic on Round 9 blocks in Brazil.
  • EBITDA for the first quarter was USD 7.6 million, up from USD 5.8 million in the fourth quarter 2009.
  • Completed NOK 338.6 million in equity issues at NOK 4.25 per share.
  • Equity ratio at 33% at the end of the quarter.

The presentation will be broadcasted live from Shippingklubben in Oslo from 08:30 CET, and can be seen using the following link http://cikmedia.serialive.com/no_cast.php?id=44979. 

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 9711 8292
Email: jgamre@norseenergy.com

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