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Third 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 24.4 million and EBITDA of USD -3.6 million for the quarter. The Company drilled no wells in the third quarter but resumed drilling on October 25, 2010.  It is the first well on new 3D seismic data in the joint venture with Stryker Energy, LLC. 

Third Quarter Highlights

  • Average daily production in the quarter was 6,540 Mcf/d (1,166 BOE/d) 
  • Mark Dice appointed new CEO
  • New pipeline transportation contract to increase throughput by approximately 7%
  • Completed right-of-way acquisition for 87 mile trunk line corridor

Subsequent Events

  • Signed Herkimer joint venture partnership with Stryker Energy, LLC as a 50% working interest partner in the 2010 Herkimer drilling program.
  • On November 2, 2010 the Company sold its' total shareholding of 9,299,522 shares of Panoro Energy ASA for net cash proceeds of $8.5 million.
  • Increased meter capacity with construction of a new pipeline interconnection (tap) arrangement with Dominion Transmission, a subsidiary of Dominion (NYSED).  

Key Figures

  • E&P net sales production was 5.508 Mcf/d (982 BOE) in Q3-10, a decrease of 10% from 6.145 Mcf/d (1,095 BOE) in Q3-09.
  • EBITDA for the third quarter was US$ -3.6 million compared with US$ -2.8 million in Q3 2009.
  • EBITDAX (excluding mostly 3D Seismic) was US$ -1.8 million compared with US$ -2.3 million in Q3 2009

Please find attached the third quarter report and the investor slide 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=57079

For further information, please contact:

Richard Boughrum, Chief Financial Officer

Cell: +1 714 520 1702

Email: rboughrum@norseenergy.com

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