Norse Energy Corp ASA: Second Quarter Report 2013

Regulatory News:

Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway) (OSE:NEC) and its subsidiaries ("Norse Energy" or "the Company") today reported results for the second quarter ended 30 August 2013.

The second quarter report is attached and will be made available on the Company's website: www.NorseEnergy.com

http://mb.cision.com/Public/791/9458588/aabbe994ed50967e.pdf

SECOND QUARTER HIGHLIGHTS AND SUBSEQUENT EVENTS

ALL REFERENCES TO USD IN THIS REPORT ARE IN USD 000’s UNLESS THE TEXT INDICATES OTHERWISE)

Second Quarter

• The Company’s US subsidiaries NEC USA and NEHI obtained US Bankruptcy Court support for, and received, USD 3.8 million of Debtor in Possession ("DIP”) financing from a Norwegian-based Special Purpose Vehicle funded by certain NEC ASA lenders.

• The Appellate Division of the New York State Supreme Court affirmed the ability of local municipalities to zone oil and gas drilling activities. At the date of this report, the New York Court of Appeals, New York’s highest court, has granted leave to appeal. This sends a strong signal that the legal issues will get a fresh look by New York’s highest court. The case, which is in the town of Dryden, impacts a very small amount (~ 75 acres) of Norse’s total acreage.

• The Company obtained NOK 7,100,000 of new convertible loans in April 2013 of which NOK 1,000,000 had been converted to Company stock by 30 June 2013. All of the convertible loans had been converted or are in process of being converted by the date of this report.

• During April 2013 the Company initiated a process to restructure (the Restructuring) the debt of the Company through debt to equity conversions, cash paydowns and an equity offering which reduced the Company’s net interest-bearing debt to approximately USD 18 million by 30 June 2013 and USD 8milliion now.

• Landowners representing approximately 60 Norse leases involving ~6,000 acres filed an action in bankruptcy

Norse Energy owns or leases approximately 130,000 net acres in New York State of which ~33,000 lie in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lie in the Marcellus and Utica natural gas fairways of Central New York. Externally certified contingent resources total 951 MMBOE.

This information was brought to you by Cision http://news.cision.com