Oil Discovery in Brazil

Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTC symbol “NSEEF”)

Norse Energy Corp. ASA (18,33%), in partnership with Petrobras (Operator), Queiroz Galvão Oil & Gas and El Paso, announce a discovery in the Copaíba exploration well in the BM-CAL-5 block, Camamu-Almada Basin.

On November 25th the Operator completed the drilling and flow test of the 1-BRSA-637D-BAS (1-BAS-140D) well in 492 meters water depth. The well reached 3,283 meter of total depth.

The well confirmed the presence of oil bearing sandstone reservoir with 21% porosity, without identifying any oil water contact in this interval. The flow test conducted in the 2,755-2,773 meter interval confirmed the presence of 32o API oil. Tests results are under analysis together with other geological and geophysical data. In accordance with the established Concession Agreement, the extension and commerciality of the discovery will be appraised in an "Evaluation Plan" to be submitted to ANP.

Norse Energy CEO Øivind Risberg commented that “It is very encouraging that we now have established a light oil discovery in the Camamu-Almada Basin, even though net pay may be lower than our pre-drill estimate. However, it is still too early to provide accurate information about the size of the discovery, and we look forward to the appraisal process”.

Norse Energy Corp. is a Norwegian based publicly listed company with its focus on energy operations offshore Brazil and in the Appalachian Basin U.S.

For further information please do not hesitate to contact:

Contact person: Anders Kapstad, CFO
Phone: +47 67 51 61 12
Cell: +47 918 17 442
Website: www.norseenergy.com