16.02.2010 08:46:00 CET

North Energy - Confirmed payment for shares subscribed by exercise of subscription rights

This information is subject of the disclosure requirements acc. to 5-12 vphl (Norwegian Securities Trading Act)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

(Alta, Norway, 15 February 2010) North Energy ASA ("North Energy" or the "Company") has received confirmation that the 1,400,520 shares subscribed by way of exercise of previously issued subscription rights are now fully paid-up. All of the issued subscription rights were exercised. Reference is made to the stock exchange announcement of 4th February 2010. The issue price was set at NOK 21.20 per share. Gross proceeds from the exercise of subscription rights amounted to NOK 29,691,024.The share capital increase will be registered as soon as possible and the new shares will be delivered to the subscribers.

After the issue of 1,400,520 new shares, the Company has 24,575,181 shares and the Company's new share capital totals NOK 24,575,181 divided on 24,575,181 shares at par value NOK 1.

By a mistake the stock exchange announcement of 4th February 2010 reported that the Company had received subscriptions for 1,401,860 shares by way of exercise of previously issued subscription rights. The correct number of shares subscribed by way of exercise of previously issued subscription rights was 1,400,520.