Spring Energy, News release, 8 March 2010.

Spring Energy, the upstream oil and gas exploration, development and production company with headquarter in Oslo, Norway, and with an operational focus on the Norwegian Continental Shelf, is pleased to announce that Dr Robert Arnott and Mr Pål Reiulf Olsen were appointed as Board Members of the Company at the recent Extraordinary General Meeting, held on 19 February 2010.

Dr Arnott (age 52) is a Geologist and Energy Economist with over 25 years experience of working in the oil industry. Most recently he served as Head of the Advisory Board of DNO ASA and Chairman of DNO UK Ltd from 2002 to 2008. He joined the industry as an Exploration Geologist with Shell International, following which he spent 10 years working as an oil sector investment analyst with a number of investment banks in the City of London, including SG Warburg, Goldman Sachs and Morgan Stanley. Dr Arnott was also a Senior Research Fellow with the Oxford Institute for Energy Studies for 5 years until 2006.

Mr Olsen (age 50) has over 20 years experience in the oil and gas sector and since November 2009 has been a Senior Partner at HitecVision. Most recently, he was the Director of Corporate Finance at First Securities ASA between 1995 and 2008, where he was responsible for numerous IPO and equity issues, and also managed a number of mergers and acquisitions. He joined the industry as a Senior Auditor for Arthur Anderson and then Christiana Bank before moving into industry with Aker ASA as the Chief Controller and head of strategic planning.

Mr Mike Hill has resigned as a Director of the Company. Mr Hill has been a Director of the Company since its formation and played a significant part in Spring Energy's development since its formation and has been of immense assistance to the Company throughout his tenure.

END

Dated: 8 March 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