Fourth Quarter Report 2010 for US subsidiary Norse Energy Holdings Inc.

Please find attached unaudited Q4 financials for Norse Energy Holdings Inc. and its subsidiaries  ("NEHI" ticker code OSE), a 100% subsidiary of Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S. OTCQX symbol "NSEEY"), issuer of bonds with ticker codes NEC02, NEC04 PRO and NEC05 PRO.

The attachment also includes a Compliance Letter to Norsk Tillitsmann, the trustee of the above bonds, confirming that NEHI as of the date of the report is in compliance with bond covenants.

For further details, see the Q4-report for NEHI's mother company Norse Energy Corp. ASA (ticker code "NEC") and consolidated for the group.

Norse Energy has total contingent resources of ~4 TCF (~713 MMBOE) at the end of 2010. The Company has a significant land position of 180,000 net acres in New York State of which ~130,000 acres are strategically located in the Marcellus and Utica Shale fairways.

For further information, please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com