Third Quarter Report 2009

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 production continues to improve for the Group.
EBITDA was negatively impacted by USD 7.2 million seismic investments.
The equity ratio was strengthened as the company raised USD 24 million
in  a private placement in the quarter.

Third Quarter Highlights and Subsequent Events

Key financials and operations
.Group net production was 4,341 BOE/day in Q3-09, an increase of ~3%
from 4,217 BOE/day in Q2-09. This is solely explained by increased
production from the Manati field in Brazil
.EBITDA for the third quarter was USD -2.7 million, down from USD 4.0
million in the second quarter 2009, explained by seismic costs in Brazil
.Drilled 4 wells in the US
.Concluded 3D acquisition in the Santos Basins
.Declared commerciality of Camarão Norte field in Camamu-Almada Basin
.Cross listed share as ADR's on OTCQX in the US

Financing
.The company raised USD 24 million in equity 
.Cash and cash equivalents increased USD 4 million to USD 43 million

Corporate
.Proposed demerger of the company into offshore E&P and US Appalachian
pure play businesses

The presentation will be broadcasted live from Shippingklubben in Oslo
from 08:30, and can be seen using the following link:
http://cikmedia.serialive.com/embed.php?id=19134

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

Jonas Gamre, Investor Relations
Tel.: +47 23 01 10 02
Cell: +47 9711 8292
Email: jgamre@norseenergy.com