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

Reference is made to news release of May 12, 2011, where Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") proposed to the Bondholders a change in the Loan Agreements whereby Norse Energy Corp ASA (“NEC” or the “Company”) is reinstated as the Borrower.

Please find attached the proposed amendment agreements for NEC02 and NEC03. NEC04 and NEC05 will mirror NEC03.

For further information please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com