NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES   Alta, 20 March 2012

Reference is made to the stock exchange notice dated 2 March and 6 March 2012 respectively regarding approval of the prospectus and concerning the subsequent repair offering ("Offering") of up to 1.5 million shares in North Energy ASA (ticker "NORTH") at a subscription price of NOK 10.00 per share.

The Offering ended on 19 March at 09.00 CET. As a result of the subscriptions received, North Energy will issue 589,055 new shares at NOK 10.00 per share raising gross proceeds of NOK 5,890,550 million.

Payment of allotted Offering Shares will fall due on 22 March 2012 and delivery will take place on or about 27 March 2012. Following registration of the shares the total number of issued shares will increase by 589,055, from 40,224,393 to 40,813,448 shares.

The new shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the Offering has been registered with the Norwegian Register of Business Enterprises. It is expected that the share capital increase will be registered in the Norwegian Register of Business Enterprises on or about 27 March 2012 and that the new shares will be admitted to trading on the Oslo Stock Exchange on the same day.

The offering is managed by DNB Markets and Pareto Securities.

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

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

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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.