10.02.2012 07:55:54 CET



Alta, 10 February 2012

North Energy ASA ("North Energy" or the "Company", ticker "NORTH") today announces that the Company has raised NOK 150 million in gross proceeds through a private placement of 15 million new shares, each with a par value of NOK 1.00 at a price of NOK 10 per share (the "Private Placement").

The Private Placement took place through an accelerated bookbuilding process and was managed by DNB Markets and Pareto Securities AS as Joint Bookrunners. The Private Placement, which represents approximately 59,5 percent of the current outstanding share capital, was oversubscribed at the issue price and was supported by existing investors, as well as new investors.

The net proceeds to the Company raised in the Private Placement will provide financial resources to strengthen the Company's balance sheet and finance further growth in accordance with the Company's plan and strategy.

Commenting on today's announcement, Erik Karlstrøm, CEO of North Energy, said, "North Energy has previously been involved in two successful discoveries and proven our business model through monetizing Fogelberg. We have started an exciting drilling campaign for this year with the spud of Storebjørn, and are continuously working on expanding the drill queue for 2013. Our cash position is substantially strengthened through the equity issue and recent asset divestment, and the Company is now well financed for the upcoming exploration activities."

The Private Placement was approved by the Board of Directors of the Company in a meeting on 10 February 2012. The Board of Directors further resolved to call for a separate extraordinary general meeting ("EGM") to issue the shares.

Notification of allotment and payment instructions will be sent to the applicants on or about 10 February 2012 through a notification to be issued by the Joint Bookrunners. Settlement and delivery of the allocated shares is subject to approval in the EGM. The new shares will not be tradable before a listing and subsequent share offering prospectus has been approved by NFSA, the share capital increase has been approved by the EGM, the shares have been fully paid and the share capital increase has been registered in the Norwegian Register of Business Enterprises. The EGM is expected to be held on or about 2 March 2012 and the shares are, subject to timely fulfillment of the conditions set out above, expected to be delivered on or about 7 March 2012.

The Company will implement a subsequent share offering estimated to constitute up to 1,5 million new shares at NOK 10 per share (the "Subsequent Share Offering"). The Subsequent Share Offering will be directed towards existing shareholders of the Company as of 9 February 2012 who as of the same date holds 50,000 shares or less, and who did not participate in the Private Placement and who are not resident in a jurisdiction where such offering would be unlawful, or for jurisdictions other than Norway, would require any filing, registration or similar action. The shares in the Company will trade excluding the right to participate in the Subsequent Share Offering from today, 10 February 2012.

Contact persons:

Erik Karlstrøm, CEO

Mob: (+47) 476 52 990 | E-mail:erik.karlstrom@northenergy.no

Knut Sæberg, CFO

Mob: (+47) 918 00 720 | E-mail:knut.saeberg@northenergy.no

Kristin Ingebrigtsen, Director of Strategy & Public Relations

Mob: (+47) 926 05 601



 This publication is not for distribution, directly or indirectly, in or into the United States, nor is it an offer for sale of or the solicitation of an offer to purchase securities in the United States. Any securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. North Energy ASA does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into the United States.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.