Realization of Oil Put Options

Norse Energy Corp. has completed the close-out of its oil put options.

Norse Energy had 1000 bbl/ day put options at strike USD 50 that expires on December 31st 2008 and 500 bbl/ day put options at strike USD 50 that expires on January 31st 2009.

Total proceeds netted from this transaction is USD 260 000.

Norse Energy Corp. has no oil put options after this transaction.

For further information please do not hesitate to contact:

Contact person: Anders Kapstad, CFO
Phone: +47 67 51 61 12
Cell: +47 918 17 442
Website: www.norseenergy.com