New Strike Price for NEC-J Warrants

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Norse Energy Corporation ASA (“NEC”, OSE ticker code) announces that the new strike price for the NEC-J warrants has been established at NOK 4.52 and the warrants expire July 1, 2011.

See announcement from NEC 07.06.2010 at 12:04 CET.

Norse Energy Corporation ASA (“NEC”, OSE ticker code) announces that the new strike price for the NEC-J warrants has been established at NOK 4.52 and the warrants expire July 1, 2011.

NEC will continue to have 75 million (NEC-J) warrants outstanding, following the demerger of Panoro Energy from NEC ASA which was completed on June 8, 2010. PEN ASA issues 7.5 million warrants reflecting the 10:1 reverse split of Panoro Energy ASA.

Prior to the demerger, the NEC-J warrants had a strike price of NOK 6.09. The new strike prices were established based on the relative value of NEC ASA and PEN ASA based on the five first days of separate trading. The volume weighted average share prices in PEN ASA and NEC ASA for the first five days of separate trading was NOK 9.1821 and NOK 2.6423 per share respectively. Adjusted for the reversed split in PEN this implies a relative value of 74.2%/25.8% for NEC/PEN.

The PEN-J warrants are issued to holders of NEC-J warrants per June 14, 2010 and will start trading on June 15, 2010 under ticker code PEN-J. The strike price for the PEN-J warrants is NOK 15.71. Correspondingly, the strike price for NEC-J warrants has been adjusted to NOK 4.52.

For further information regarding Norse Energy ASA, see www.norseenergy.com and Panoro Energy ASA, see www.panoroenergy.com

For further information, please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com