Noreco Strong in Q4 2007 Operations

Norwegian Energy Company ASA, The Norwegian based oil company Noreco reported operating revenues of 448 million NOK in the fourth quarter of 2007. EBITDA was 278 million NOK and net result after finance and tax was - 77 million NOK.

"Noreco delivered a very strong operating result in the fourth quarter. We reinvested the cashflow from our seven producing fields into our extensive drilling program in line with our strategy. The first 4 wells in our program of 30 exploration and appraisal wells in 3 years have been successful," says CEO Scott Kerr.

Highlights from the fourth quarter 2007 include operating revenues of 448 MNOK, earnings before interest, tax, depreciation and amortization (EBITDA) of 278 MNOK and a net result after finance and tax of -77 MNOK; production of 10,500 barrels of oil equivalents per day realized at an average price of 83 $ per barrel in the quarter; a loan facility agreement of 800 MNOK provides efficient financing of NCS exploration over the next two years; and a listing on the Oslo Stock Exchange 9 November.