Second Quarter and Half Year Report 2009

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTC symbol "NSEEF") and its subsidiaries (“Norse Energy” or “the company”) report that production continues to improve in the US and in Brazil. The significant strengthening of the Brazilian Reais during the quarter contributed to a positive net result for the Company. The company’s financial flexibility in Brazil is now secured, with recent cuts in exploration commitments, general cost cutting and the proposed debt restructuring. Second Quarter Highlights and Subsequent Events Key financials and operations •Group net production was 4,163 BOE/day in Q2-09, an increase of 13% from 3,685 BOE/day in Q1-09. This is primarily explained by higher gas production both in the US and in Brazil •EBITDA for the second quarter was USD 4.0 million, up from USD 0.25 million in the first quarter 2009. The increase is primarily due to reduced dry hole costs, increased production levels, and higher gas prices in USD in Brazil •Net foreign exchange gain of USD 29 million, mainly due to a strengthening of the Brazilian Reais •Net profit for the second quarter was USD 9.2 million, compared to a net loss of USD 2.2 million in the previous quarter. •Book equity increased from USD 66 million to USD 119 million Financing •The company sold 30% of the shares in its subsidiary Norse Energy do Brasil to Sector Speculare (Private Equity) IV for USD 30 million. The book gain for the Group was USD 3 million •An agreement has been reached with Brazilian banks on debt restructuring, pending final credit committee approval. Current commitments in Brazil are fully funded •The reserve based lending facility in the US was increased from USD 15.0 million to USD 21.75 million Please find attached the second quarter and half year report and the investor presentation. The presentation will be broadcasted live from Shippingklubben in Oslo from 08:30, and can be seen using the following link: http://cikmedia.serialive.com/embed.php?id=8597. For further information please contact: Anders Kapstad, CFO Tel.: +47 6751 6112 Cell: +47 918 17 442 Email: akapstad@norseenergy.com Jonas Gamre, Investor Relations Tel.: +47 6751 6113 Cell: +47 9711 8292 Email: jgamre@norseenergy.com