Spring Energy, Press release, 18 December 2009.

The Oslo-based oil company Spring Energy has reached agreement with Idemitsu Petroleum Norge AS (“Idemitsu”) to acquire a 20 % working interest in production license PL 377S, located in the Northern North Sea.

As part of the transaction agreement, Spring Energy will carry part of Idemitsu’s well cost on the exploration well to be drilled in 2011.

Following the transaction, Spring Energy will have a 20 % interest in PL 377S, together with Idemitsu Petroleum Norge AS (operator and 30 %), Bayerngas Norge AS (30 %) and GDF SUEZ E&P Norge AS (20 %).

The effective date of the transaction is 1 January 2010. The transaction is subject to approval from the Norwegian Authorities.

END

Dated: 18 December 2009

Spring Energy Norway AS

For further information contact:

Roar Tessem, CEO, Spring Energy

Mob: +47 90666764

Email: roar.tessem@springenergy.no

Or

Jørn Rokk, Business Development Manager, Spring Energy

Mob: +47 48408030

Email: jorn.rokk@springenergy.no

Or

Lars Husby, CFO, Spring Energy

Mob: +47 48400415

Email: lars.husby@springenergy.no

About Spring Energy:

Spring Energy is an Oslo-based independent Norwegian upstream oil and gas company actively pursuing attractive growth opportunities in both mature and immature areas on the Norwegian Continental Shelf (NCS).

Spring Energy has through successive license applications and acquisitions built a considerable portfolio of assets across the NCS. The Company’s portfolio provides a balanced spread of risk and reward, encompassing 20 licenses and one producing asset. 

Spring Energy is financially backed by HitecVision and has employed a highly experienced team of professionals focused on creating value for its shareholders.

For more information about Spring Energy, please see www.springenergy.no.