Spring Energy, News release, 1 February 2010.

On 28 January Spring Energy was awarded the NCS Business Developer of the Year by Rystad Energy at the Gullkronen award seremony in Oslo.

The jury gave the following reasoning for the award to Spring Energy:

" 2009 has seen a wide range of business development activities on the NCS. Many of the transactions create a basis and potential for future success. The jury wants to emphasize early results and value creation. The winner has proven its business model with focus on commercial value, deal making capabilities, and support from a high quality investor. Through several successful farm-ins and asset swaps on the NCS, the company has within 2 years and with limited investments built a portfolio that includes production, material discoveries, and high potential exploration acreage."

The other nominees were Amerada Hess, Aker Exploration / Det Norske and Bayerngas.

END

Dated: 1 February 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 24 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.