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Second Quarter Report 2010

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Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S. OTCQX symbol "NSEEY") and its subsidiaries (“Norse Energy” or “the Company”) reports revenue of USD 22.1 million and EBITDA of USD -3.7 million for the quarter. The demerger of the Brazilian business into Panoro Energy ASA is completed, and Norse Energy is now a US onshore unconventional “pure play”.

Second Quarter Highlights

  • Production in the quarter was 7,190  Mcf/d (1,282 BOE/d)
  • The demerger was completed; Panoro Energy was established on June 7, 2010
  • The Bond restructuring was completed with debt maturities extended by up to two years on US$ 90 million, and prepayment of US$ 15.9 million in principal in July

Subsequent Events

  • Raised US$ 16.2 million of equity capital in July
  • Acquisition of 3D Seismic on 38,000 acres provides excellent quality data illuminating the subsurface and will support Herkimer drilling later this year
  • Water impacting Herkimer production appears to be from a localized source and to be less significant than previously thought

Key Figures

  • Net sales production was 6,043 Mcf/d (1,077 BOE) in Q2-10, a decrease of 7% from 6,491 Mcf/d (1,157 BOE) in Q2-09.
  • EBITDA for the second quarter was US$ -3,7 million, compared with US$ -1,3 million in Q2 2009
  • EBITDAX (excluding mostly 3D Seismic) was US$ -1,7 milllion compared with US$ -1,0 million in Q2 2009



Please find attached the second quarter 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=48431

For further information, please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com

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