Norse Energy Acquires Stake in two Brazilian Fields

Norse Energy Corp has purchased a 15% interest in the Cavalo Marinho field ("CM") and a 30% interest in Estrela-do-Mar field ("EdM") for a conditional payment of US $14 million.

NEC will own 42.5% of CM and 57.5% of EdM subsequent to the closing of the transaction.

This acquisition will:

  • Increase the Company's 2P reserves by 21%.
  • Represents a purchase price of USD 2/bbl.
  • All in development costs estimated to be less than USD 10/bbl on the 7 million barrels of acquired reserves.
  • Payment is conditional upon reaching certain milestones such as the approval of the transaction by the National Petroleum Agency ("ANP"), the partners' approval of the EdM development plan and ANP's approval of both the CM and EdM development plans.

The Company has received positive feedback from discussions held with its Brazilian banks with regards to financing the acquisition and its development costs.

The seller is Queiroz Galvão Perfuração SA.

NEC is pleased with this acquisition that further solidifies our presence in Brazil and improves the Company's influence over the future development of these significant assets.

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