Norse Announces Conversion of ~ $18.5 Million of Bonds

Mon, Jan 30, 2012 01:44 CET

January 30, 2012

Norse Energy Corp. ASA (“Norse”, with “NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) refers to press release dated 26th January 2012 where a public offer to convert bonds to equity was put forward. The offer period ended 27th January 2012 at 17.00 CET.

Norse is pleased to announce that approximately USD 18.5 million of bonds have been tendered in the conversion offer including pre-subscription announced by Pioneer Funds. Subject to issuance of a prospectus currently being filed, Norse will issue consideration shares at NOK 0.37 per share to the subscribers upon settlement.

For further information, please contact:
J. Chris Steinhauser, Chief Financial Officer
Phone: +1 716 568-2048 Email: csteinhauser@norseenergy.com

S. Dennis Holbrook, Chief Legal Officer
Cell: +1 716 713-2489 Email: dholbrook@norseenergy.com