Norse Energy Corp. IPAA OGIS Conference San Francisco, 14th October 2010 Mark Dice, CEO

Disclaimer This presentation does not constitute an offer to buy or sell shares or other financial instruments of Norse Energy Corp. ASA (“Company”). This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements”, which include all statements other than statements of historical fact. Forward-looking statements involve making certain assumptions based on the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the exploration for and development and production of oil and gas, uncertainties inherent in estimating oil and gas reserves and projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of oil and gas prices, competitive risks, regulatory changes and other risks and uncertainties discussed in the Company’s periodic reports. Forward-looking statements are often identified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”, “plan” and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information

ListingOslo Stock Exchange (OSE) Ticker symbolNEC US: OTCQXNSEEY Pure Play Onshore North America Unconventional E&P Long history in the Appalachian Basin Assets primarily located in the State of New York

Prime Acreage Position ~180,000 net acres 130,000 net acres in central NY  Access to premium NE markets via three major interstate pipelines  Located in the Marcellus and Utica fairways 50,000 net acres in western NY Page 4 Dominion Sales point

___ 5Page 5 Huge Resources ~4Tcf (700 mmboe) of resources in 3 plays on 180,000 acres of land 0.2 Tcf in HERKIMER 1.2 Tcf in MARCELLUS 2.5 Tcf in UTICA 2p reserves YE 2009 = 7.2 million boe Contingent 2C resources – Schlumberger, 2010 Total resource base of 3.9 Tcf of natural gas (approx. 700 million boe) Schlumberger Certified Resources* Stacked Pays on 130,000 acres

___ 6Page 6 ___ 6 Long Lived Lease Position  130,000 acres uniquely positioned at the concordance of the Marcellus and Utica Fairways  Proven Herkimer play under development  Each Herkimer well holds acres Securing acreage for 1 to 3 horizontal wells in each of the Marcellus and Utica Shale Units  Converting acreage to Held By Production (HBP) secures Marcellus and Utica value *total land position of 180,000 acres

page 7 Norse Energy Assets Analyst Asset Valuations April, 2010 UnriskedRisked Pareto1, Terra1, Platou First Argo Carnegie 388 Average High1, Low Prime Acreage (~180,000 net acres) ~130,000 net acres with stacked play – Marcellus, Herkimer, Utica Infrastucture with access to premium NE US markets 87 miles of continuous ROW connecting the Millennium, Dominion and Tennessee Interstate Pipelines Norse Pipeline and Nornew Energy Supply ~350 miles of pipeline in NW PA and Western NY Mid-American Natural Resources Optimizing the value of production for Appalachian Producers 3 to 6 times current enterprise value

___ 8Page 8 The Way Forward Safe and Efficient Operations Accelerate Herkimer drilling using new 3D seismic Production growth HBP acreage secures long term option on shale value (Marcellus and Utica) Cash Management Herkimer JV’s Marcellus and Utica JV’s Reserve Based Lending Acquisitions and Divestitures Establish new platforms for growth outside of New York Monetize non-core assets

___ 9Page 9 Herkimer 3D Seismic Recent investments in science to optimize returns  New 3D data covers 38,000 acres or 60 mi2. (of total 180,000 acres)  State of the art cable less 3D seismic  Excellent data quality  Full subsurface illumination and clear prospect definition

___ 10Page 10 Herkimer is Attractive at Current Prices Full Field Development Expectations Assumptions:  Initial Production (IP): 1,250 Mcf/day  Reserves of 1.2 Bcf per well  Drilling cost of USD 900,000 per well * Net Present Value discounted at 10% capital cost.

___ 11 Page 11 Reserve Based Lending (RBL) provides low cost financing for Herkimer development  RBL provides Norse the flexibility to grow both production and cash flow at very attractive interest rates.  RBL covers well costs if the IP 30 exceeds 750 Mcf/day. $6.50/mcf $4.50/mcf

___ 12Page 12 Marcellus Shale De-risked by competitors ROW Provides access to major NE markets Value Recognition Chesapeake, XTO/Exxon Cabot, Range, Williams and Others Production The most prolific Marcellus wells are in Susquehanna Co. PA Recent Transactions Williams $12,000/ac (42K ac) Reliance $6,250/ac (60% int. in 104K ac)

___ 13Page 13 ___ 13 Utica Shale Plan for converting 2.5 TCF of gas resources to reserves Phase I  Vertical well pilot program  Full diameter core, logging, pressure testing  Small vertical frac Phase III  Horizontal well production demonstration  Micro seismic  Multi-stage frac Phase IV  Extended production test  Multi-stage frac Phase II  Vertical well production demonstration  Large vertical frac Regulatory framework (SGEIS)  Two Utica drilling permits in-hand, valid until YE  $ 2.2 million coring budgeted for 2H-2010

___ 14Page 14 New York Regulatory Update SGEIS approval expected Q4-10  GEIS (Generic Environmental Impact Statement) established ~10,000 wells drilled in New York under GEIS.  SGEIS (Supplemental GEIS) initiated in 2008 to address environmental issues related to modern drilling practices  Anticipated new rules for permitting by year end 2010  A proposal aimed at a moratorium on fracing until May, 2011 was passed by the NY Senate. The NY Assembly has not acted on the Senate proposal. Norse

Non-core assets  Pipeline ROW in central New York Provides access to 3 major transmission pipelines Close proximity to the most prolific area of Marcellus production Relieves the Marcellus bottleneck  Norse Pipeline and NES Capacity >100 mmcfd Access to major interstate pipelines Long-term contract to municipal electricity generating facility  Surface rights on ~5,000 acres ___ 15Page 15

Norse Energy Corp.