Spring Energy, News release, 26 March 2010.

Spring Energy is pleased to announce the publication of its 2009 results and Annual Report.

2009 was a year of substantial progress for Spring Energy as the Company remained focused on its strategy of pursuing attractive growth opportunities on the Norwegian Continental Shelf. 

During the year the Company added a further 11 licenses and ended the year with a portfolio of 20 licenses including one producing asset.  Spring Energy also recorded significant exploration success in PL 378 and PL 375 where oil and gas discoveries were made in the Grosbeak and Beta prospects.  In PL 407, the Bream discovery was also successfully appraised.

At the end of 2009, the Company swapped part of the Grosbeak discovery in PL 378 for an interest in the Brage field providing Spring Energy with its first production.

Operational highlights:

• Significant Grosbeak and Beta oil discoveries
• Acquisition of first producing asset via swap structure
• Award of two further licenses in 20^th NCS licensing round
• Bream appraisal wells drilled, oil discovery progressing to development
• Pre-qualified as NCS operator

Financial highlights:

• Other income NOK 90.0 million, up from NOK 1.2 million in 2008
• Net profit for the year NOK 32.1 million, up from a loss of NOK 32.3 million in 2008
• NOK 1,000 million credit facility signed with energy focused banking group
• Oil and gas resources added in all categories
• Continued financial support from HitecVision
• Fully funded exploration programme

The 2009 Annual Report will be made available for download from the Company's website: www.springenergy.no.

An updated Company Presentation can also be downloaded from the website.

Both the 2009 Annual Report and the Company Presentation have been attached to this news release.

END

Dated: 26 March 2010

Spring Energy Norway AS

For further information contact:

Roar Tessem, CEO, Spring Energy

Mob: +47 90666764

Email: roar.tessem@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.