Oslo, 30 April 2015

The Board of Directors in North Energy ASA hereby announces that CEO Erik Karlstrøm has been relieved of his duties with immediate effect. The background for the resignation is that Mr. Karlstrøm no longer has the trust of the Board. Erik Karlstrøm has been the CEO of North Energy since 2007.

CFO Knut Sæberg, who has been the acting CEO during Mr. Karlstrøm's recent sick leave, will continue as acting CEO until the Board has replaced Mr. Karlstrøm with a new permanent CEO.

For further information please contact:

Anders Onarheim, Chairman
Mob: +47 974 01 511

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