10 July 2012
Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway; "NSEEY" ticker U.S. OTC) announces that the Board of Directors, in accordance with the authorization given by the Extraordinary General Meeting held 5 July, 2012, has resolved to approve the entering into of two convertible loan agreements with Mouseless Invest AS and Mabe Invest AS.
The two loans will be 1,500,000 NOK each at an interest rate of ten percent per annum, with a maturity date of 10 July 2015. The loans will be unsecured and may be converted into shares in Norse Energy. The conversion price will be the lesser of the volume weighted average trading price the five days preceding the funding date of the loan or the lowest subscription price for private placements prior to 1 July 2015.
The convertible loans will provide additional flexibility and liquidity as Norse Energy awaits finalization of the SGEIS regulations in New York, needed to unlock the full value of Norse Energy's portfolio of shale oil and gas resources.
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. Contingent resources total ~917 MMBOE or ~5.2 TCFGE.
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Norse Energy Corp ASA
J. Chris Steinhauser, +1 716 568-2048
Chief Financial Officer
S. Dennis Holbrook,
Cell: +1 716 713-2489
Chief Legal Officer