Fourth Quarter Report 2009

2/26/2010 1:31 AM EST

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") and its subsidiaries (“Norse Energy” or “the Company”) report that third-party certified contingent resources in the US more than doubled from 346 MMBOE per end 2008 to 697 MMBOE by end 2009. EBITDA was USD 5.8 million for the quarter and USD 7.4 million for 2009. With the recent NOK 300 million share issue successfully completed, the NOK 60 million repair issue ongoing, as well as the bond restructuring, the Company is confident about its funding situation and growth prospects for both entities following the demerger.

Fourth Quarter Highlights and Subsequent Events

Corporate
• Demerger of the Company into distinct business cases with current focus offshore Brazil and unconventional oil & gas in the US, was approved in an Extraordinary General Meeting in January 2010

Key financials and operations
• Group net production was 4,543 BOE/day in Q4-09, an increase of ~5% from 4,341 BOE/day in Q3-09
• Record production of 7.71 MMm3 (4,849 BOE/day net to Norse) from the Manati field reached on December 13, 2009
• Reached end of year production target of 12,000 Mcf (2,137 BOE) per day in the US
• Drilled 4 wells in the US
• EBITDA for the fourth quarter was USD 5.8 million, up from USD -2.7 million in the third quarter 2009

Financing
• Restructuring of bond portfolio reduces principal repayments in 2010 by approximately USD 34 million and USD 51 million in 2011
• Completed NOK 300 million private placement at NOK 4.25 per share in January 2010, directed at domestic and international institutional investors
• NOK 60 million repair issue at NOK 4.25 per share ongoing

The presentation will be broadcasted live from Shippingklubben in Oslo from 08:30 CET, and can be seen using the following link: http://cikmedia.serialive.com/no_cast.php?id=30071


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 9711 8292
Email: