BOND RESTRUCTURING APPROVED

12/17/2009 7:24 AM EST

Oslo, December 17, 2009: Norse Energy Corp. ASA has received approval from the bondholders for a full restructuring of its bond portfolio by restructuring all of the outstanding bonds (NEC01, NEC02, NEC03, NEC04PRO and NEC05PRO). The debt obligations will be separated between the US and Brazil entities, and will become effective upon a successful demerger of Norse Energy Corp. ASA. The bond restructuring in an important step towards creating two separate companies with distinct business cases.

“Norse is very pleased to get the bondholders’ approval of the restructuring, which provides Norse with a more flexible financial structure and sufficient time to properly capitalize on our huge Marcellus and Utica shale resources in the Appalachian Basin as well as the Santos Basin opportunities”, says CEO Øivind Risberg.

Extended maturity
The vote in the bondholders meeting held today means that the principal repayments of the loan agreements will be changed to repayment of approximately USD 24 millions in 2010, approximately USD 25 millions in 2011, USD 57 millions in 2012, USD 42 millions in 2013 and USD 10 millions in 2014. This reduces principal repayments in 2010 with approximately USD 36 millions and USD 50 millions in 2011.

The bondholders are compensated with (amongst others) security by pledge over shares in subsidiaries and intercompany loans, early repayments of 15% of all outstanding bonds, new warrants in the US entity and increased interest coupon.

First Securities AS and Pareto Securities AS have been the financial advisors in connection with the restructuring. Wiersholm AS acts as legal counsel to Norse Energy Corp. ASA.

Please find enclosed the Notice from the Bondholders’ meeting.

For further information please contact:
Anders Kapstad, CFO
Tel: +47 23 01 10 01
Cell: +47 918 17 442
Email:  

Jonas Gamre, Investor Relations
Tel: +47 23 01 10 02
Cell: +47 971 18 292
Email: