Norse Energy Completes Bond Issue

Norse Energy Corp has drawn up additional NOK 100 million on its 5 year Bond Issue totaling NOK 300 million.

The Bond is a fixed 5 year bullet loan, is unsecured and has an annual coupon of 10%. The first NOK 200 million was placed in June 2005. The company is holding own bonds equaling NOK 48 million.

The use of the proceeds will be to finance the expanding activities.