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(Alta, Norway, 9 February 2010) North Energy ASA ("North Energy" or the "Company" has today completed the acquisition of 100 per cent of the shares of 4sea energy AS ("4sea energy"). As consideration the Company will issue a total of 1,886,792 consideration shares with a par value of NOK 1 at a price of NOK 26.50 per share for an aggregate value of NOK 50 million. For further details of the transaction, reference is made to Section 4.3 of the listing Prospectus prepared by the Company dated 22 January 2010 and notice published 4 February 2010.

The share capital increase will be registered and the new shares will be delivered to the sellers of the shares of 4sea energy. This is expected on or around Wednesday 10 February 2010.

After the issue of 1,886,792 shares through the issue of consideration shares, the Company has 23,174,661 shares and the Company's new share capital totals NOK 23,174,661 divided on 23,174,661 shares at par value NOK 1.

North Energy's CEO Erik Karlstrøm is very pleased with the integration of 4sea energy into North Energy. "4sea energy brings relevant competence and promising licenses" states Karlstrøm