01.03.2010 09:34:00 CET

North Energy - Exercise of options and bonus scheme - Mandatory notification of trade

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


(Alta, Norway, 1 March 2010) We refer to the right of key members of the company's senior management to exercise options to subscribe for shares and the bonus scheme for 2008 for the employees.

North Energy ASA ("North Energy" or the "Company") has in a board meeting 24 February 2010 issued 516 735 shares in the Company at a total subscription amount of NOK 6 560 736 to Ninerik AS, a company controlled by CEO Erik Karlstrøm. The subscription price per share is approx. NOK 12.70.

Further, as part of the Company's bonus scheme for 2008, the Company has in the same board meeting issued a total of 57 820 shares in the Company to its employees at a subscription price of NOK 1 per share.

The following primary insiders subscribed for and were allocated shares as part of the bonus scheme:

Torleiv Agdestein         1 745 shares
Marion Høgmo             1 839 shares
Knut Aaneland             2 018 shares
Vigdis W. Jacobsen        500 shares
Lars Tveter                   4 915 shares
Astrid Tugwell             3 462 shares       
Svein Johansen            5 660 shares
Christina Søgård          1 028 shares
Erik Karlstrøm           15 408 shares

After the issue of 516 735 new shares to key members of the company's senior management and 57 820 shares as part of the bonus scheme, the issued share capital of the Company is NOK 25 149 736 divided on 25 149 736 shares at par value NOK 1.

The share capital increase has been registered and the new shares will as soon as possible be delivered to the subscribers.

After exercising the stock options and rights under the bonus scheme, the primary insiders listed below are holding the following number of stock options/shares:

Torleiv Agdestein          89 692/33 995
Marion Høgmo                      0/ 5 039
Knut Aaneland             89 418/36 918
Vigdis W. Jacobsen      90 943/41 000
Lars Tveter                   86 506/37 615
Astrid Tugwell             87 966/36 012      
Svein Johansen            85 757/38 210
Christina Søgård                  0/  1 028
Erik Karlstrøm                   0/629 543

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