One week extended subscription period for Repair Issue

Norse Energy Corp ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTCQX symbol “NSEEY”). On 15 February 2010 NEC issued a prospectus for a Subsequent Offering of shares at NOK 4.25 per share where the subscription period expired today. In light of the proposed transaction with Pan-Petroleum, NEC has decided to extend the subscription period to one week after the supplemental prospectus has been published. A supplemental prospectus is expected to be issued tomorrow with further information on the proposed business combination with Pan-Petroleum. Shareholders having subscribed for shares may cancel their subscription within two days of the publishing of this supplemental prospectus as further provided for in the Securities Trading Act Section 7-21. For further information, please contact: Anders Kapstad, Chief Financial Officer Phone: +47 23 01 10 01 Cell: +47 918 17 442 E-mail: akapstad@norseenergy.com