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 a convertible loan agreement with MP Pensjon PK.
The loan will be 1,500,000 NOK at an interest rate of ten percent per annum, with a maturity date of 12 July 2015. The loan 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 loan 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, Chief Financial Officer
Phone: +1 713 975-1900
S. Dennis Holbrook, Chief Legal Officer
Cell: +1 716 713-2489