Spring Energy, Press release, 11 January 2010.

Spring Energy announces further exploration success in the Company's third exploration well  recently completed on the Beta prospect in PL 375 (34/4-11), located 15 km Northwest of the Snorre Field.
The objective of the well was to prove hydrocarbons in the Middle Jurassic Brent Group as well as the Lower Jurassic Dunlin Group and Statfjord Fm. The well proved high quality oil in the Brent Group and in the Statfjord Fm. 

The size of the discovery is estimated to between 7 and 40 million standard cubic meters (44 - 252 MB) of recoverable oil.

Spring Energy has a 15% working interest in the license.

The well was not production tested, however extensive data acquisition including fluid sampling has been carried out which substantiate the discovery. The well will be temporarily abandoned to allow for future appraisal drilling.  

The well was operated by Petro-Canada Norge AS on behalf of the PL 375 license group using the rig Songa Delta.

The success on Beta completes an excellent first year of exploration drilling for Spring Energy. During 2009 Spring Energy has participated in three wells, resulting in the successful Bream appraisal well (with 2 horizontal sidetracks), the significant Grosbeak oil and gas discovery in PL 378 and finally the success on Beta. All three wells have added significant value for shareholders.

Furthermore, since the start of 2010 Spring Energy has become a producing company through the recently announced transaction with Wintershall, where Spring Energy took over a 2.5 % interest in the Brage Field.

With Spring Energy participating in at least 5 exploration and appraisal wells during 2010 shareholders are exposed to significant value accretion in the event of further success.

END

Dated: 11 January 2010

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.