Noreco First Day of Listing on Oslo Bors November 9th

Reference is made to the press-release from Norwegian Energy Company ASA published on 22 October 2007 regarding the completed private placement of 16,666,667 new shares at NOK 33 per share with gross proceeds NOK 550 million, and the announcement of a potential retail offering of up to NOK 50 million.

Subsequent the successful private placement, the Company currently have approximately 850 shareholders, whereof approximately 700 shareholders are holding at least one round lot (200 shares), thereby fulfilling the listing criteria for listing on the main board of Oslo Bors.

The Company has set 9 November 2007 as the first day of listing on Oslo Bors. The Company has further resolved not to complete a separate retail offering in connection with its listing due to the fact that the Company already fulfils the criterias for listing and that such retail offering would considerably postpone the Company's first listing day set for 9 November 2007.