Regarding articles in Finansavisen concerning proposed acquisition by
Norse Energy Corp. ASA 

With reference to articles in Finansavisen March 6, 2010, Norse Energy
Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol
"NSEEY) wishes to emphasise that the processes regarding the proposed
acquisition of Barnett shale assets have been and will be conducted in
alignment with principles for good corporate governance. 

Reference is made to stock exchange notification from Norse Energy Corp.
ASA on February 26, 2010, regarding a Letter of Intent (LOI) for a
proposed acquisition of assets in Barnett shale from Strategic Petroleum
Investment Consultants Enterprise Inc, Paris Oil & Gas Corporation, and
Eleon Operators LLC (collectively referred to as "Spice/Paris"). An
extended stock exchange announcement regarding the acquisition was
submitted on March 1, 2010.

The LOI has been entered into and signed between fully independent
parties, represented by Mark Dice, President and COO of Norse Energy
Corp. USA, and Dr. Dimitrios Kousparis, who is President and CEO of
Strategic Petroleum Investment Consultants Enterprise Inc. and the sole
Owner of the companies owning the assets in question. The completion of
the proposed transaction is subject to satisfactory results from ongoing
confirmatory due diligence, and is also contingent upon approval from an
Extraordinary General Meeting in Norse Energy Corp. ASA.

In connection with the proposed deal, Norse Energy has dealt with Dr.
Kousparis as sole Owner of Spice/Paris. The assets are to be acquired on
a debt free basis, and the financing structure of the Sellers' companies
is not part of the LOI between the parties. However, it has been
communicated to Norse Energy Corp. ASA that Arne Fredly owns a
convertible loan in the Seller's companies, and Fredly has expressed his
intention to ultimately become a shareholder in Norse Energy Corp. ASA. 
To the extent Mr. Fredly will receive Norse shares as a part of his
settlement of the convertible loan, in order for the Spice/Paris asset
to be delivered to Norse on a debt free basis, Mr. Fredly will be
subject to the same lock-up arrangement as Mr. Kousparis. This lock-up
arrangement was described in the Norse press release upon announcement
of the LOI.

The Barnett shale assets in the transaction currently produce about 600
barrels of oil per day, net to the sellers conveyed interest. With
respect to the 'bound oil' issue mentioned in the Finansavisen articles,
it is important to distinguish between old technology and old ways of
drilling this type of wells from modern and innovative drilling
technologies, such as long horizontal laterals with more than one or a
few stage fracs. Norse Energy Corp. ASA and the Seller have extensive
knowledge about the critical issues, and Norse Energy Corp. ASA will
upon completion of a transaction implement these new drilling and
completion technologies on a large scale on the considerable acreage
involved in the transaction. 

Wells already drilled with this technology by Spice/Paris, as well as
other Barnett operators like EOG, have shown very promising results, and
the latest two Spice/Paris wells have produced a total of more than 90
000 BOE (mostly oil) in about eight months of production. The decline so
far is negligible, as the combined production of more than 560 BOE per
day at the end of February 2010 was pretty much the same as in July
2009. 

The cost is estimated to be around USD 2.5 million per well with the
eight stage frac jobs done. The number of stages may be increased if the
cost is justified by increased production. 
Upon completion of the ongoing confirmatory due diligence, Norse Energy
Corp. ASA will host an in-depth presentation of the proposed Barnett
shale acquisition before the Extraordinary General Meeting.

For further information, please contact:
Øivind Risberg, CEO
Tel: +1 713 501 2022
Email: orisberg@norseenergy.com 

Jonas Gamre, Investor Relations
Cell: +47 971 18 292
Email: jgamre@norseenergy.com