Norse Energy Receives Oslo Børs Decision

21 November 2012

The Company has received a decision from Oslo Børs with respect to breaches of the Continuing Obligations of stock exchange listed companies. The breaches refer to a delayed publication of an information memorandum, detailed announcement and report regarding continued listing, all in connection with the asset sales to EmKey Resources LLC as first notified to the market in March 2012. The decision is a violation charge of NOK 280,000. The decision may be appealed within 2 weeks. The Company has not yet made any decision on whether an appeal will be filed.

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. Certified 2C Contingent Resources total 951 MMBOE.

For further information, please contact:

J. Chris Steinhauser, Chief Financial Officer

Office: +1 713 975 1900

Email: csteinhauser@norseenergy.com

Dennis Holbrook, Chief Legal Officer

Office:  +1 716 568 2048

Email:  dholbrook@norseenergy.com