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MeldingsID: 318667
Dato/tid 04.01.2013 15:21
Utsteder Norse Energy Corp. ASA
UtstederID NEC
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Tittel Restructuring Process Update
4 January 2012
Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway;
"NSEEY" ticker U.S. OTC) 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

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.

For further information, please contact:

Chris Steinhauser, Chief Financial Officer


Office: +1 713 975 1900

S. Dennis Holbrook, Chief Legal Officer


Office: +1 716 568 2048

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