Spring Inks NOK 400MM Agreement to Finance NCS Exploration

The Oslo-based oil company Spring Energy has signed a NOK 400 million loan facility agreement with Skandinaviska Enskilda Banken AB ("SEB").

The loan facility will assist Spring Energy in financing the Company's 2008 - 2010 exploration and appraisal activities on the Norwegian Continental Shelf.

"The SEB loan facility together with the USD 120 million equity finance commitment by HitecVision Private Equity provide us with a strong financial basis to pursue our ambitious growth strategy," stated Roar Tessem, CEO of Spring Energy.