Proposed Barnett shale acquisition cancelled

Norse Energy Corp ASA has been informed by Spice/Paris that it no longer intends to proceed with the proposed asset transaction in the Barnett combo play in Texas at this time. The Spice/Paris notice was delivered to Norse after the close of business on Wednesday, March 24, 2010 Central European time. Reference is made to stock exchange notifications on February 26 and March 1, 2010, describing the LOI under which Norse Energy Corp ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTCQX symbol “NSEEY”) were to acquire substantially all assets in Strategic Petroleum Investment Consultants Enterprise Inc, Paris Oil & Gas Corporation and Eleon Operators LLC (collectively referred to as “Spice/Paris”) for USD 70 million with payment in shares and cash. As described in previous stock exchange notifications, the proposed transaction was -inter alia- subject to approval by an Extraordinary General Meeting called for on April 6, 2010. As the parties have agreed not to proceed with the proposed transaction, this EGM has now been cancelled. Going forward, Norse Energy Corp. ASA will pursue its strategy for further development of its substantial gas assets in the Herkimer formation and in Marcellus and Utica shale in Appalachia. The company will also continue to explore possible value creating merger & acquisition opportunities to increase the scale of operations in the US. For further information, please contact: Øivind Risberg, CEO Tel: +47 952 00 642 Email: orisberg@norseenergy.com Jonas Gamre, Investor Relations Cell: +47 971 18 292 Email: jgamre@norseenergy.com