NEC - Exercise of employee share options

A primary insider of Norse Energy Corp. ASA, Mr. José Almeida dos
Santos, has today exercised 500,000 share options at a strike prices
of NOK 3.50. These options correspond to 500,000 shares in the
company, and Mr. Almeida dos Santos has transferred his right to
receive shares resulting from the exercise of options to a third
party. These shares were subsequently sold today at an average price
of NOK 7.3421.

Following this transaction, José Almeida dos Santos holds 200,000
non-exercised share options with strike price NOK 3.50 and 300,000
non-exercised share options with strike price NOK 3.97. In addition,
he controls 337,500 shares in Norse Energy Corp. ASA.

For further information, please contact;

Anders Kapstad, CFO
Tel: +47 67 51 61 12
Cell: +47 918 17 442
akapstad@norseenergy.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)