Third Quarter Report 2009

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") and its subsidiaries (“Norse Energy” or “the company”) report that production continues to improve for the Group. EBITDA was negatively impacted by USD 7.2 million seismic investments. The equity ratio was strengthened as the company raised USD 24 million in a private placement in the quarter. Third Quarter Highlights and Subsequent Events Key financials and operations •Group net production was 4,341 BOE/day in Q3-09, an increase of ~3% from 4,217 BOE/day in Q2-09. This is solely explained by increased production from the Manati field in Brazil •EBITDA for the third quarter was USD -2.7 million, down from USD 4.0 million in the second quarter 2009, explained by seismic costs in Brazil •Drilled 4 wells in the US •Concluded 3D acquisition in the Santos Basins •Declared commerciality of Camarão Norte field in Camamu-Almada Basin •Cross listed share as ADR’s on OTCQX in the US Financing •The company raised USD 24 million in equity •Cash and cash equivalents increased USD 4 million to USD 43 million Corporate •Proposed demerger of the company into offshore E&P and US Appalachian pure play businesses 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=19134 For further information please contact: Anders Kapstad, CFO Tel.: +47 23 01 10 01 Cell: +47 918 17 442 Email: akapstad@norseenergy.com Jonas Gamre, Investor Relations Tel.: +47 23 01 10 02 Cell: +47 9711 8292 Email: jgamre@norseenergy.com