25.02.2010 08:00:00 CET

North Energy reports fourth quarter 2009 results

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

Oslo, 25 February 2010: North Energy ASA (NORTH) today presents its fourth quarter 2009 results.
In connection with the capital increase successfully completed in February 2010, North Energy has a fully funded exploration programme of 8 wells starting up in February 2010. North Energy was listed at Oslo Axess 5 February 2010.

In the 4th quarter North Energy entered into an agreement with 4sea energy under which North Energy acquired all of the shares in 4sea energy with compensation in the form of shares in North Energy. North Energy acquired a 15% stake in PL385 from Statoil.

Fourth quarter report and presentation
Please see attached report and presentation. These are also available at www.oslobors.no and www.northenergy.no. North Energy will present the results for fourth quarter 2009 today at 09:00 CET. The presentation will be held by CEO Erik Karlstrøm, and will take place at Hotel Continental, Stortingsgt.24, Oslo. The presentation can also be followed by webcast on both a direct link or on North Energy's web page www.northenergy.no , both live and in archived version.

CEO, Erik Karlstrøm, + 47 476 52 990
CFO, Knut Sæberg, + 47 918 00 720
IR and Communication Manager, Christina Søgård, + 47 975 22 020
Please see attached report and presentation.

2009 Q4 Interim Report
North Energy Q4 2009 Presentation