Norse Energy Corp ASA: Restructuring Process Update

Regulatory News:

Norse Energy Corp. ASA (OSE:NEC)(Pink Sheets:NSEEY) provides an update on the restructuring process. As previously announced, the Company has been pursuing alternatives to secure funding for the Norwegian parent company, Norse Energy Corp. ASA, in parallel with the efforts to re-organize the business affairs of its US subsidiaries through the filing of Chapter 11 proceedings under the United States Bankruptcy Code.

The Company advises that interest which was due 2 January 2013 under the NEC convertible callable bond issue 2012/2015 (ISIN NO 001064079) has not been paid. This may result in the outstanding bonds in the amount of USD 21 million at the Norse Energy Corp. ASA level being declared to be in default and due for payment, if the bondholders elect to do so.

The Company is, however, working with its stakeholders, including the major bondholders, to obtain the necessary concessions and waivers, as well as securing fresh financing, to run its operations going forward. The waivers and concessions being discussed include no payment, but accrual of interest for a defined period including 4th quarter 2012. There is currently no agreement in place, and there is a significant risk that no such agreement will be reached with all required stakeholders. The Company will update the market in due course on any developments.

The Company has a significant land position of 130,000 net acres in New York State with certified 2C contingent resources of 951 MMBOE as of 30 June 2012.

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