Norse Energy Corp ASA: Approval of Norse Sale Procedures

Regulatory News:

Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway) announces that on 29 July 2013, an order was entered in US Bankruptcy Court approving the Company’s proposed sale procedures for an asset sale by its subsidiary Norse Energy Corp USA ("Norse USA”).

As previously reported, The Oil & Gas Clearinghouse has been retained to conduct an asset sale to address Norse USA’s financial obligations in its bankruptcy proceedings.

"The court’s approval of our proposed bid process is a positive step toward completion of a successful sale of assets in accordance with our loan repayment obligations under the DIP loan facility,” commented Norse CEO Mark Dice.

Under the approved sale procedures, bids are to be submitted by 23 August 2013 and accepted by Norse USA by 30 August 2013.

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 31 December 2012.

This information was brought to you by Cision http://news.cision.com