Norse Energy Reports that the Bond Amendment Agreement is Complete

Date 5 July 2011

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) reports the completion of bond amendment agreements.

Reference is made to the notice of the results of the Bondholder Meeting of 27 June 2011 wherein a sufficient majority of bondholders present voted in favor of the amendment proposal for all the bonds, and the proposals were accordingly adopted.

The restructuring, wherein NEC assumed Norse Energy Holdings Inc.’s (“NEHI”) bond debt, was completed yesterday, Monday 4 July.

Norse Energy has total contingent resources of 3.9 TCF (~700 MMBOE) at the end of 2010. The Company has a significant land position of 180,000 net acres in New York State.

For further information, please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com