Fourth Quarter 2011 Production Update

4 January 2012

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC, the “Company”) provides a fourth quarter 2011 production update.

The Company is very pleased to report gross production, recorded at its field meter stations, of approximately 6,934 Mcf/d (1,236 Boe/d) in Q4-11, a 7% increase from 6,490 Mcf/d (1,156 Boe/d) in Q3-11. Gross production volumes, to be reported in the Q4-11 financial statements, may deviate somewhat from this early estimate. Net volume will also be reported in the Q4 statements. The production increase is due to having the full quarterly benefit of several shut-in wells that were brought back on line in late September, plus the impact of strong production optimization efforts. No new wells were brought into production during the quarter.

In addition to its continued focus on maximizing production from the Herkimer reservoir, the Company is planning for potentially more profitable Marcellus and Utica Shale development. Utica Shale tests in Ohio and Pennsylvania by Chesapeake Energy Corporation, and by Rex Energy Corporation, reported flow rates ranging from 6 to 18 Mmcfe/d that begin to confirm the huge potential of the Utica Shale in the Appalachian Basin.

On December 11, 2011 the New York State Department of Environmental Conservation announced that it had extended the public comment period on the draft Supplemental Generic Environmental Impact Statement (SGEIS) governing natural gas development using horizontal drilling and high volume hydraulic fracturing from December 12, 2011 to January 11, 2012. Despite this extension, there continues to be positive momentum in favor of development of natural gas from shale formations in the State of New York.

About Norse Energy Corp.: Norse Energy is a natural gas production company with significant upside potential in the Marcellus and Utica Shales. Following the asset sale announced on January 2, 2012, the Company’s 2C Contingent Resources in Central New York are approximately 3.3 Tcf (~600 MMBOE). The Company has a significant total land position of 160,000 net acres in Central and Western New York State.

For further information, please contact:
J. Chris Steinhauser, Chief Financial Officer
Tel: +1 716 218 4229
csteinhauser@norseenergy.com