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Fourth 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 revenue of USD 20.2 million and EBITDA of USD -4.1 million for the quarter.

Fourth Quarter Highlights

  • Signed Herkimer joint venture partnerships with Stryker Energy and Bradford Energy Capital XXIX L.P. Bradford advanced funds totaling USD 9 Million to fund their share of the drilling of 18 wells.
  • Resumed Herkimer drilling using its recently acquired 3D seismic data.
  • E&P gross production was 6,335 Mcf/d (1,129 BOE) in Q4-10, a decrease of 6% from 6,727 Mcf/d (1,199 BOE) in Q4-09.

Subsequent Events

  • First three wells delivered an average thirty day initial production rate (IP-30) in excess of 1,400 Mcf/d.  The fourth well has been turned on line and the fifth has been completed.
  • Signed a definitive agreement in February to sell certain non-core midstream assets for USD 20.7 Million (subject to regulatory approval).
  • 2010 reserve report by Schlumberger reported 5% increase in 1P reserves, due to an increase in proved developed producing properties as more wells were on line in 2010 than in 2009.

Key Figures

  • E&P net sales production was 5.172 Mcf/d (922 BOE) in Q4-10, a decrease of 14% from 6.036 Mcf/d (1,076 BOE) in Q4-09.
  • EBITDA for the fourth quarter was USD -4.1 million compared with USD -2.1 million in Q4 2009.

Please find attached the fourth quarter report and the investor slide presentation. The presentation will be broadcasted live from Shippingklubben in Oslo on March 1st from 08:30, and can be seen using the following link: http://www.serialive.com/watch.php?id=2256&key=3dc1b72210a99450536bd9f438b33246

For further information, please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com

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