Norse Announces Convertible Loans

 9 August 2012

Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway; "NSEEY" ticker U.S. OTC) announces that the Board of Directors, in accordance with the authorization given by the Extraordinary General Meeting held 5 July 2012, has resolved to approve the entering into of three convertible loan agreements in the aggregate loan amount of NOK 5 million. The loans have been subscribed by SAF Invest AS (NOK 2 million), Jan Henry Farstad (NOK 2 million) and Tyrholm & Farstad AS (NOK 1 million).

The loans will be at an interest rate of ten percent per annum, with a maturity date of three years after the payment date, expected to be on or about 10 August 2015. The loans will be unsecured and may be converted into shares in Norse Energy. The conversion price will be the lesser of the volume weighted average trading price the five days preceding the funding date of the loan or the lowest subscription price for private placements prior to 1 July 2015.

Norse Energy owns or leases approximately 130,000 net acres in New York State of which ~33,000 lie in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lie in the Marcellus and Utica natural gas fairways of Central New York. Internally estimated contingent resources total ~917 MMBOE or ~5.2 TCFGE.

For further information, please contact:

J. Chris Steinhauser, Chief Financial Officer

Direct: +1 713 975 1900

Email: csteinhauser@norseenergy.com

Dennis Holbrook, Chief Legal Officer

Direct:  +1 716 568 2048

Email:  dholbrook@norseenergy.com