NEC announces discussions with investors regarding potential equity issue

Reference is made to the press release dated 16 August 2011, where Norse Energy Corp. ASA ("NEC" or the "Company" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") announced that the Company had initiated discussions with its bondholders with respect to a potential future equity covenant breach in its bonds.

NEC announces that the Company has held discussions with a small group of existing shareholders and institutional investors regarding a potential private placement of shares in the Company.

There has been positive interest from these investors to participate in a potential private placement, but the feedback is also that these investors would like to see an equity transaction which includes an element of debt restructuring. NEC will therefore evaluate such alternative solutions to address its liquidity and covenant issues.

In the meantime, the previously announced cost reductions of 25 percent of controllable costs are being implemented without delay and management continues to evaluate possibilities for further cost reductions. Furthermore, NEC has engaged Albrecht & Associates, a US based divestment advisor, to help manage its asset sale process.

For further information, please contact:

Richard Boughrum, CFO

Tel: +1 716 218 4201

Cell: +1 714 520 1702

rboughrum@norseenergy.com

About Norse Energy Corp.:

At year end 2010 the Company had third party certified total contingent resources of ~3.9 TCF (~700 MMBOE) of which approximately ~3.7 Tcf are in the Marcellus and Utica Shale Formations. The Company has a significant land position of ~180,000 net acres in New York State.

Important information:

The shares to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the `U.S. Securities Act`), or any state securities laws, and will be offered within the United States only to qualified institutional buyers (`QIB`), as defined in Rule 144A under the U.S. Securities Act (`Rule 144A`), through affiliates of the Managers, in reliance upon the exemption from the registration requirements provided by 144A, and to certain non-U.S. persons in offshore transactions in reliance on Regulation S under the U.S. Securities Act. The shares to be offered will be subject to certain restrictions on transfer. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.