Bondholders accept early redemption

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Panoro Energy ASA ("PEN", OSE ticker code). Reference is made to the press release dated November 1, 2010 regarding the successful completion of a USD 140 million 1st lien bond issue. Following a bondholder meeting held today, the Company has obtained bondholder approval to accept early redemption of the existing NEC01 (NO 001027594.4) bond loan at a call price of 104.0 plus accrued interest.

See attached notice from the bondholders' meeting.

For further information, please contact:
Anders Kapstad, CFO
Tel: +47 23 01 10 01
Cell: +47 918 17 442
Email: anders.kapstad@panoroenergy.com

Jonas Gamre, Finance & Investor Relations Manager
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: jonas.gamre@panoroenergy.com