Norse Energy Corp. ASA ("NEC” ticker Oslo Stock Exchange, Norway;
"NSEEY” ticker U.S. OTC) announces that its US subsidiary holding
company, Norse Energy Holdings, Inc., has filed a voluntary petition for
Chapter 11 Debtor in Possession ("DIP”) protection and reorganization
under the United States Bankruptcy Code.
Reference is made to the Company’s press release dated December 7, 2012
in which it announced that its other US subsidiary, Norse Energy Corp.
USA, filed for Chapter 11 protection.
The Company advises that these subsidiary Chapter 11 filings will likely
constitute an event of default under the loan agreement in respect of
the NEC convertible callable bond issue 2012/2015 (ISIN NO 001064079
(http://tel:001064079).0). This may result in the outstanding bonds in
the amount of USD 21 million at the Norse Energy Corp. ASA level being
declared to be in default and due for payment, if the bondholders elect
to do so.
The Company has a significant land position of 130,000 net acres in New
York State with certified 2C contingent resources of 951 MMBOE as of 30
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