12.05.2010 16:01:00 CET

CORRECTION: North Energy reports first quarter 2010 results

This is a correction of the announcement from 07:25 12.05.2010 CEST. The reason for the correction is that a missprint occured in the previous version, page 11 "Current liabilities". Corrected version is attached.

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

Alta, 12 May 2010: North Energy ASA (NORTH) today at 09:00 CET presents its first quarter 2010 results in Oslo.

In January 2010 North Energy were awarded three licenses in the APA 2009 increasing the total portfolio to 13 licenses. North Energy completed the capital increase and the listing at Oslo Axess successfully in February 2010. The Company have a fully funded exploration programme of 8 wells. In March,  North Energy as partner for licence PL 433, confirms detection of hydrocarbons in exploration well 6506/9-2 S.

The presentation will be held by CEO Erik Karlstrøm at Hotel Continental, Stortingsgt.24, Oslo.

The presentation can also be followed by webcast at North Energys homepages - www.northenergy.no - or at this direct link.

Please see attached report and presentation for Q1 2010.

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

Q1 2010 Presentation
Corrected version Q1 2010 Report