Increase in the Reserve Based Lending in the US

Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTC symbol “NSEEF”) is pleased to announce that the Company has closed with its U.S. bank on a requested increase in reserve based lending for its US E&P division. The bank has increased the lending threshold for Norse Energy from USD 15.0 million to USD 21.75 million. Reserve based lending utilizes bank approved and audited net proven production and reserves as collateral for the note. As each increases in value, funds are made available for lending purposes. The borrowing base emphasis is primarily focused on low risk proved production and does not have any principal repayment requirement. “While fully anticipated, we are very pleased with the bank's continuing demonstration of support for our drilling program and faith in our company,” commented Norse Energy CEO, Øivind Risberg. Norse Energy expects to accelerate its reserve based lending leverage as the Herkimer wells build the necessary production history. For further information please contact: Jonas Gamre, Investor Relations Cell: +47 97 11 82 92 E-mail: jgamre@norseenergy.com S. Dennis Holbrook, U.S. Investor Relations Tel.: + 1 (716) 568-2048 Email: dholbrook@norseenergy.com