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Repair issue cancelled

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Norse Energy Corp. ASA ("NEC" ASA, OSE ticker code "NEC", U.S OTC symbol "NSEEY") announces that the planned repair issue has been cancelled.

Reference is made to EGM resolution of August 6, 2010 regarding a repair issue of up to 20.000.000 new shares to existing shareholders as of 1 July 2010 who did not subscribe for shares in the Private Placement (“the Subsequent Offering”).

The board of NEC has decided not to proceed with the Subsequent Offering due to the market conditions. In making this decision, the board has noted that the subscription price in the Subsequent offering was NOK 1.70 per share, and that the NEC share is currently, and has been for a considerable time, been trading well below this level at the Oslo Stock Exchange. Shareholders wishing to increase their relative holdings are therefore advised to purchase shares at the exchange at the available price.

A listing prospectus will be released shortly for the 18.2000.000 new shares in the Private Placement Tranche II as resolved in the EGM August 6, and the 55,4 million warrants with a strike price of NOK 2.21 issued in connection with the bond restructuring on June 30th.

 For further information, please contact:

 Richard Boughrum, Chief Financial Officer

 Cell: +1 714 520 1702

 Email: rboughrum@norseenergy.com (rboughrum@norseenergy.com)