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(Alta, Norway, 17 February 2010) Reference is made to notice dated 4 February 2010 regarding, among others, the right of key members of the company's senior management to exercise options to subscribe for shares. CEO Erik Karlstrøm has 16 February 2010  notified North Energy ASA ("North Energy" or the "Company") that he will, through the company Ninerik AS, exercise options to subscribe for 516 735 shares in the Company for a total subscription amount of NOK 6 560 736. The subscription price per share is approx. NOK 12.70. The number of shares to be subscribed by CEO Erik Karlstrøm is dependent on the number of shares subscribed by the employees under the company's bonus scheme, and, thus, the final number of shares to be subscribed and allocated to Karlstrøm may be subject to a minor adjustment. The final number of shares to be subscribed by Karlstrøm according to the options will be decided in a board of directors meeting of the Company scheduled to be held 24 February 2010. CEO Erik Karlstrøm's final number of shares held in the company will be disclosed after the board of directors meeting.