NORSE ENERGY CORP ASA 
By 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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