Norse Energy Announces US Subsidiary Holding Company Files for Chapter 11 Reorganization

8 December 2012

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that its US subsidiary holding company, Norse Energy Holdings, Inc., has filed a voluntary petition for Chapter 11 Debtor in Possession (“DIP”) protection and reorganization under the United States Bankruptcy Code.

Reference is made to the Company’s press release dated December 7, 2012 in which it announced that its other US subsidiary, Norse Energy Corp. USA, filed for Chapter 11 protection.

The Company advises that these subsidiary Chapter 11 filings will likely constitute an event of default under the loan agreement in respect of the NEC convertible callable bond issue 2012/2015 (ISIN NO 001064079 (http://tel:001064079).0). This may result in the outstanding bonds in the amount of USD 21 million at the Norse Energy Corp. ASA level being declared to be in default and due for payment, if the bondholders elect to do so.

The Company has a significant land position of 130,000 net acres in New York State with certified 2C contingent resources of 951 MMBOE as of30 June 2012.


For further information, please contact:

Chris Steinhauser, Chief Financial Officer
csteinhauser@norseenergy.com
Office: +1 713 975 1900

S. Dennis Holbrook, Chief Legal Officer
dholbrook@norseenergy.com
Office: +1 716 568 2048