Options granted to new US CFO

Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTCQX symbol “NSEEY”) announces that the company has granted Richard Boughrum, the company’s recently hired CFO for the US division, 1 million options as part of his compensation package. The options have an exercise price of NOK 3.96 and can be exercised from November 2, 2011 to November 2, 2014 conditioned on the employee being employed at that time. The options were granted under the authorization given to the Board of Directors from the Annual General Meeting, held on May 19, 2009. As part of the current restructuring processes, the company has elected to redeem stock options from employees that have left the company. Following these redemptions, a total of 13.315.000 options are outstanding, and an additional 4.185.000 options are available for grant. For further information please contact: Anders Kapstad, CFO Tel: +47 23 01 10 01 Cell: +47 918 17 442 Email: akapstad@norseenergy.com Jonas Gamre, Investor Relations Tel: +47 23 01 10 02 Cell: +47 97 11 82 92 Email: jgamre@norseenergy.com