SIGNIFICANT HERKIMER GAS DISCOVERIES – APPALACHIAN BASIN US

SIGNIFICANT HERKIMER GAS DISCOVERIES – APPALACHIAN BASIN US

Norse Energy Corp. ASA (“NEC” ticker code OSE – NEC, Oslo, Norway, U.S OTC symbol “NSEEF”) announced today the successful completion of its latest two wells in the Herkimer Formation in central New York State. Production rates for each well approached one million cubic feet (178 BOE) per day and possible further increases were restrained by the capacity of the production equipment. “We now have on order larger capacity production equipment so that the encouraging geology of the area is allowed to demonstrate its full potential”, comments Norse CEO Øivind Risberg.

At present, Norse continues to conservatively estimate average reserves of 1.2 billion cubic feet (214,000 BOE) per well. With 250 identified locations, the projected reserve potential is in excess of three hundred billion cubic feet (53 MMBOE) in the Herkimer Formation alone.

“We are looking at the tip of the iceberg”, says Risberg. “The potential of the Herkimer formation should also be coupled with the potential in the Marcellus and Utica shale formations underlying much of our land position of more than 130,000 acres in central New York.”

Other factors worthy of note are the following:

• the relatively shallow depth of the targeted formations;
• the gas is of high quality and essentially ready for market;
• our infrastructure is in place with nearby access to a large utility company and major pipelines; and
• the opportunity for premium pricing due to the relative close proximity to attractive markets in the Northeast U. S.

Norse Energy Corp. is a publicly listed company in Norway with focus on energy operations offshore Brazil and in the Appalachian Basin U.S., concentrating primarily in the states of New York and Pennsylvania.

For further information please contact:

Anders Kapstad, CFO
akapstad@norseenergy.com
Tel.: +47 6751 6112
Cell: +47 918 17 442

S. Dennis Holbrook, U.S. Investor Relations
dholbrook@norseenergy.com
Cell: + 1 (716) 568-2048