NEC provides update on financing

9/29/2011 12:00 AM EST

Reference is made to the press releases dated 16 August 2011 and 13 September 2011, where Norse Energy Corp. ASA ("NEC" or the "Company" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") announced that the Company has held discussions with bondholders and shareholders with respect to a potential future equity covenant breach in its bonds and a potential private placement of shares in the Company.

Since the last update Norse has continued discussions with certain existing shareholders and institutional investors regarding a potential private placement of shares in the Company in combination with a partial conversion of debt to equity. Despite the constructive discussions NEC has not yet reached a solution to refinance the Company. NEC will continue its dialogue with shareholders and bondholders in order to achieve a long term financial solution to the Company and will inform the market of any developments in due course.

For further information, please contact:

J. Chris Steinhauser, CFO

Tel: +1 716 218 4229

Cell: +1 925 286 2819

About Norse Energy Corp.:

At year end 2010 the Company had third party certified total contingent resources of ~3.9 TCF (~700 MMBOE) of which approximately ~3.7 Tcf are in the Marcellus and Utica Shale Formations. The Company has a significant land position of ~180,000 net acres in New York State.