Norse Energy Completes Private Placement

Norse Energy has successfully completed a NOK 300 million equity issue directed towards Norwegian and international institutional investors. The share issue was substantially oversubscribed and the price in the book-building was set at NOK 4.25 per share. 70,588,235 shares will be issued subject to EGM approval and filing of a prospectus for the new shares.

A call for EGM will be sent to shareholders Tuesday, January 12th and is expected to be held on or about February 2, 2010. The new shares will not be tradable before the share capital increase has been approved by the EGM, the shares have been fully paid, the share capital increase has been registered in the Norwegian Register of Business Enterprises, and a listing prospectus has been approved by Oslo Stock Exchange. Payment for allocated shares will be on or about February 3, 2010 and delivery of shares is expected to take place on or about February 10, 2010.

The Board of Directors contemplates recommending to the EGM a subsequent repair offering of up to NOK 60 million directed at shareholders of the Company as of January 11, 2010 that were not offered to participate in the private placement.

The shares in the Company will trade without the right to participate in the potential subsequent repair offering from and including today, 12 January 2010 (ex-date).

"The support from our existing shareholders and the interest to support our business strategy from large Norwegian and international investors has provided our company with a broader shareholder base and a stronger financial position. The financial platform to grow both divisions following the demerger is secured with the new equity and we look forward to a very exciting future," says Øivind Risberg, CEO of Norse Energy Corp ASA.