NORSE ENERGY CORP ASA 
By 07/23/2012
23 July 2012
Norse Energy Corp. ASA ("NEC" ticker code OSE -
NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY")
announces that it has awarded options to purchase 5,900,000
shares in Norse Energy to key employees in accordance with
the Norse Energy 2012 Stock Option Plan. The newly issued
options carry a strike price of NOK 2.92 per share and are
exercisable two years after the grant date of 20 July 2012.
These newly issued options, if unexercised, will expire
five years after the grant date.
Options held by the Company's primary insiders
following this award are as follows:
Mark Dice, Chief Executive Officer, received 1,500,000
newly issued options with an exercise price of 2.92 NOK.
Mr. Dice holds another 416,667 additional share options
which carry an exercise price of 21.00 NOK and an exercise
period of 9 June 2010 - 3 July 2014. Mark Dice now holds a
total of 1,916,667 share options and 225,000 shares in
NEC.
Chris Steinhauser, Chief Financial Officer and EVP of M&A,
received 1,000,000 newly issued options with an exercise
price of 2.92 NOK. Mr. Steinhauser holds an additional
133,500 share options which carry an exercise price of
10.30 - 28.60 NOK and an exercise period of 8 June 2010 -
15 April 2016. Chris Steinhauser now holds a total of
1,133,500 share options and 0 shares in NEC.
Dennis Holbrook, Chief Legal Officer and EVP, received
1,000,000 newly issued options with an exercise price of
2.92 NOK. Mr. Holbrook holds an additional 83,333 share
options which carry an exercise price of 20.10 and an
exercise period of 9 June 2010 - 24 July 2014. Dennis
Holbrook now holds a total of 1,083,333 share options and
218,387 shares in NEC.
Nazir Ali, EVP of Operations and Reservoir Management,
received 1,000,000 newly issued share options with an
exercise price of 2.92 NOK. Nazir Ali now holds a total of
1,000,000 share options and 0 shares in NEC.
Rich Caporal, VP and Controller, received 600,000 newly
issued share options with an exercise price of 2.92 NOK.
Mr. Caporal holds an additional 15,000 share options which
carry an exercise price of 28.60 and an exercise period of
8 June 2012 - 8 June 2012. Rich Caporal now holds a total
of 615,000 share options and 0 shares in NEC.
Serena Zindler, VP of Financial Planning & Systems received
600,000 newly issued share options with an exercise price
of 2.92 NOK. Serena Zindler now holds a total of 600,000
share options and 0 shares in NEC.
An additional 200,000 share options have to-date been
awarded to one other employee.
"This is an important step in further aligning employee
incentives with the long-term interests of Norse
shareholders," commented CEO Mark Dice.
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. Internally estimated
contingent resources total ~917 MMBOE or ~5.2 TCFGE.
For further information, please contact:
J. Chris Steinhauser, Chief Financial Officer
Office: +1 713 975 1900
Email: csteinhauser@norseenergy.com
Dennis Holbrook, Chief Legal Officer
Office: +1 716 568 2048
Email: dholbrook@norseenergy.com
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