10.02.2012 08:59:51 CET

North Energy: Conditional allocation of new shares to primary insiders

Reference is made to the stock exchange notice by North Energy ASA on 10 February 2012 regarding the conditional private placement of new shares.

JPB AS, a company owned 60% by Johan Petter Barlindhaug, who is Chairman of the Board of Directors of North Energy and hence a primary insider, received allocation of 1,000,000 new shares at an offer price of NOK 10,00 per share in the Private Placement. The new shareholding of JPB AS, assuming completion of the Private Placement will be 2,370,000 shares.

SKS Eiendom AS was allocated 550,000 new shares in the private placement at a price of NOK 10,00 per share and will, assuming completion of the private placement, hold 2,374,920 shares. Leif Finsveen, a Board Member of North Energy, is the Chairman of the Board of Directors of SKS Eiendom AS.

Issuance and delivery of the allocated shares are subject to the conditions for completion of the Private Placement communicated in the stock exchange notice
referred to above.

Contact person:

Alexander Krogh, Investor Relation Manager
Mob: (+47) 416 48 650 | E-mail: alexander.krogh@northenergy.no

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