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Norse Energy Corp AS : Norse Announces Bond Restructuring

04/11/2012 | 03:41pm US/Eastern
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04/10/2012

10 April 2012

Reference is made to the 28 February 2012 press release in which Norse Energy announced a proposed refinancing of its bond portfolio. Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway; "NSEEY" ticker U.S. OTC) announces that the NEC03 bonds (par value USD 3.74 million) have now been called and replaced by a new bond loan ("NEC06") with approximately 1 year longer duration (2013). The Company has also completed the issuance of new convertible bonds with principal amount minimum USD 21 million which has been settled by conversion of a corresponding principal amount of NEC02/04/05 bonds (pro rata). The convertible debt has a strike of NOK 0.37 per share (subject to adjustment clauses), carries a 5% coupon, is 3 years in duration, contains a call provision, and is secured by the shares in Norse's wholly owned subsidiary, Norse Energy Holding Inc.

The Company will prepay the remaining outstanding bonds, in total ~USD 35 million, at par within June 2012. The funds for this prepayment will be sourced from the pending sale of assets announced by the Company on 15 March 2012. The sale is expected to close within April 2012. "Completing these previously announced transactions is an important step in the restructuring process, providing a solid foundation for future development of our significant shale oil and shale gas resources," stated Mark Dice, CEO of Norse Energy

Following the asset sales announced in March, Norse Energy will own or lease approximately 131,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~98,000 net acres lies in the Marcellus and Utica natural gas fairways of Central New York. Contingent resources will total ~777 MMBOE or ~4.4 TCFGE.

For further information, please contact:

J. Chris Steinhauser, Chief Financial Officer
Phone: +1 716 568-2048 Email: csteinhauser@norseenergy.com
S. Dennis Holbrook, Chief Legal Officer
Cell: +1 716 713-2489 Email: dholbrook@norseenergy.com

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