Norse Energy Announces Year-End Production Update

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) has closed 2010 with success in its Herkimer Drilling Program and announces 2010 year-end production.

The Company reports that the first Herkimer well drilled in the current program delivered initial production over the first 30 days (IP30) averaging 1,080 Mcf/d, affirming the Company’s ability to successfully identify high quality targets using its recently acquired 3D seismic data.  Production from the well is being managed in accordance with best practices in the industry, with extremely favorable results.  After encountering strong gas shows above the Herkimer Formation, the second well drilled had to be temporarily abandoned due to drilling difficulties. The company is currently evaluating multiple options for completing this well. The third well in the program has now reached total depth. This well, which encountered very strong gas flows while drilling, is expected to be turned on line during the first week in January. 

Looking forward, the Company has now identified high quality Herkimer prospects on 3D seismic to support all of its planned 2011 drilling.  The company plans to continue pipeline expansion to support higher production volumes expected as a result of accelerated Herkimer development.

“We are very pleased with these early results and look forward to stepping up the pace of Herkimer drilling in 2011,” commented CEO Mark Dice. 

Gross production for the fourth quarter is estimated to have averaged approximately 6,300 Mcf/d (1,090 BOE).  Gross production for 2010 is estimated to have averaged approximately 6,900 Mcfd (1,190 BOE) per day.  Fourth quarter volumes are based on daily meter readings at the company's Central New York compressor stations. Final production numbers, to be reported in the fourth quarter and full year financial statements may deviate somewhat from these early estimates.

Norse Energy has total contingent resources of ~4 TCF (~713 MMBOE) at the end of 2009. The Company has a significant land position of 180,000 net acres in New York State. The Company also owns a natural gas marketing business and operates pipeline systems in New York and Pennsylvania for gathering and transmission of natural gas.

For further information, please contact:
Richard Boughrum, Chief Financial Officer
Cell: +1 714 520-1702, Email: rboughrum@norseenergy.com

S. Dennis Holbrook, Executive Vice President

Cell: +1 716 713-2489, Email: dholbrook@norseenergy.com