Noreco Appoints Acting Vice President of Exploration

Lars Fosvold was appointed to acting Vice President Exploration for Noreco effective from today. Former Vice President Reinert Seland will continue as an advisor for the company.

Lars Fosvold (47) joined Noreco in December 2005, and has more than 22 years experience from the oil and gas industry in Norway and
internationally. Mr. Fosvold has held various specialist and leading geoscience positions in the total value chain from exploration to
development and production with several major oil companies. Fosvold holds a degree from the University of Strathclyde in Scotland.

"I am very pleased that Mr. Fosvold has accepted this new challenge and I look forward to his active involvement in Noreco's management
team," said Scott Kerr, CEO of Noreco.