Proposal to amend Bond Loan Agreements – Change of Borrower - Summons to Bondholders’ Meeting

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") has today proposed a propose to the Bondholders a change in the Loan Agreements where by Norse Energy Corp ASA (“NEC” or the “Company”) is reinstated as the Borrower.

NEHI is a 100% owned subsidiary of NEC. The purpose of the proposal is to ensure that bondholders are not subject to U.S. withholding tax on interest payments. See attached letter from NEHI for background. 

Accordingly NEC/NEHI proposes that the Loan Agreements are changed where by NEC is reinstated as the Borrower while NEHI remains co-responsible for payment as a Guarantor. With this solution the Bondholders will retain 100% of the agreed interest without being exposed to U.S withholding tax.

The full proposal and summons and background letter from NEHI is attached.

For further information please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com