Spring Energy, Press release, 10 May 2010.

Spring Energy announces a dry well result on the Storkollen prospect in PL 337, located about 15 km South-East of the Sleipner East Field.

The objective of the well was to prove hydrocarbons in the Upper Jurassic Varg Fm. The well proved good quality reservoir as prognosed, however no hydrocarbons were encountered.

The well was operated by Det Norske Oljeselskap ASA on behalf of the PL 337 license group using the rig Bredford Dolphin. Spring Energy holds a 20 % working interest in the license following the recently announced transaction with Wintershall Norge ASA.

Spring Energy has committed to a further 14 exploration and appraisal wells, 7 of which are scheduled for 2010. The next prospect to be drilled is the Maria prospect in PL 475BS located in the Norwegian Sea. The well is expected to spud within the next week.

END

Dated: 10 May 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

Per-Gustav Granholm, Exploration Manager, Spring Energy

Mob: +47 95810815

Email: per-gustav.granhom@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 25 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.