This corporate presentation by Norse Energy CEO Mark Dice provides an overview of the company's vision, core values, recent achievements and share performance, key business risks, asset values, project economics, 2012-13 business plan, funding requirements, and agenda for an upcoming EGM. The presentation highlights Norse Energy's balanced oil and gas portfolio, attractive project economics, plans to pursue partners and funding to develop assets in New York once regulatory approval is given, and a goal of achieving positive earnings within a few months of commencing drilling.

1. Corporate Presentation
Mark Dice, Chief Executive Officer
5 July 2012

2. Norse Energy’s Vision
A leader in identifying and unlocking the full
potential of under-valued oil and gas assets
2

3. Norse Energy Core Values
EHS
Protecting the environment, health, and
safety is our top priority
INTEGRITY
Trustworthy in our approach to others
EXCELLENCE
Striving to be the best
COLLABORATION
Seeking out and valuing the input of
others
INGENUITY
Leveraging creative thought
3

4. Norse Energy
Recent Achievements
 Grew Resource Base
 Delivered Asset Sales
 Reduced Debt
 Restructured Organization
 Cut Costs
4

5. Norse Energy Recent Share Performance
On Par with 6 Month Oslo Benchmark Index (OSEBX)
NEC
OSEBX
Conversion Sale of
of Bond Debt Herkimer and
to Equity Related Assets Reverse Positive
10/1 SGEIS
Asset Sale of Bond Portfolio Repayment of Split News
~ 18,000 Refinancing Bonds and
Acres in CNY Agreement Restructuring
6 Month NEC Share Price and OSEBX updated 27 June 2012
5

6. Key Business Risks

7. Key Business Risks and Mitigation
SGEIS Delay Developing economic projects not
dependent upon SGEIS regulations;
Opportunities outside of New York
Commodity Prices Balanced portfolio of long-
term oil and gas projects; continuous application
of industry-leading technology
Funding Efficient operations; asset sales; capital
markets
SGEIS Legal Challenge Coordinated industry
efforts to emphasize science and counter legal
obstacles
Shale Operating Capability Pursuing
experienced shale partners, illuminating the
value of projects
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8. New York Regulatory Climate

9. New York Governor Cuomo’s Recent Remarks
Albany’s WGDJ-AM Radio Interview, 22 June 2012
New York Governor Cuomo has
given every indication that passage
of the SGEIS is imminent
• “We don’t have a hard date, but it
will be done shortly”
• “I think it’s actually better that we
do it when the Legislature is not
here, because I don’t want a
political discussion”
• “I want to get the conversation
back to facts and logic and
science and information…”
9

10. New York Business Climate
Neighboring states (Ohio,
Pennsylvania, West Virginia) are
safely developing and reaping
tremendous economic rewards from
oil and gas development in the
Appalachian Basin
New York contains large rich
deposits of untapped oil and gas
• State leadership recognizes the
economic potential of development
• Norse Energy has resources of
~ 900 MMBOE in New York
Internally Estimated Resource Total 10

11. Asset Value

12. Norse Energy
Balanced Portfolio of Oil and Gas Projects
Internally Estimated Resources
12

13. Oil Price Forecast
US Energy Information Administration
High Price Forecast
Base Price Forecast
Low Price Forecast
Oil Base Price Forecast (AEO2012 Reference), High Price Forecast and Low Price Forecast are based on the energy price
forecasts included in the June 2012 Publication of the U.S. Energy Information Administration | Annual Energy Outlook 13

14. Gas Price Forecast
US Energy Information Administration
High Price Forecast
Base Price Forecast
Low Price Forecast
Natural Gas Base Price Forecast (AEO2012 Reference), High Price Forecast and Low Price Forecast are based on the energy price
forecasts included in the June 2012 Publication of the U.S. Energy Information Administration | Annual Energy Outlook 14

15. Attractive Project Economics
At Base Case Prices
Diverse Portfolio of
Resources:
CNY Marcellus
Shale significant
value already
illuminated by
industry activity
4 511 72 Yet Unproven by
MMBOE MMBOE MMBOE Industry Activity:
• WNY Bradford
Sands
• CNY & WNY Utica
• WNY Marcellus Oil
Shale
Oil and Natural Gas Price Forecasts are based on the energy price forecasts included in the June 2012 Publication of the U.S. Energy Information
Administration | Annual Energy Outlook’s Base Price Forecast (AEO2012 Reference), also depicted on “Oil Price Forecast” and “Gas Price Forecast” slides.
15
WNY Marcellus Oil Shale contains liquids-rich gas.

16. Highly Attractive Portfolio Economics
114%
Oil Gas
Oil and Natural Gas Price Forecasts are based on the energy price forecasts included in the June 2012 Publication of the U.S. Energy Information Administration | Annual
Energy Outlook’s Base (AEO2012 Reference), High and Low Price Forecasts also depicted on “Oil Price Forecast” and “Gas Price Forecast” slides.
16
WNY Marcellus Oil Shale contains liquids-rich gas.

17. 2012-13 Business Plan
• SGEIS is expected imminently
• Pursue partners for the Bradford Sands (4 MMBOE), WNY Marcellus
Oil Shale (117 MMBOE), and WNY & CNY Utica (511 MMBOE)
• Secure funding via asset sales, partnerships, and capital markets
• Generate positive EBITDA within a few months of commencing a
drilling program
2012 2013
3Q 4Q 1Q 2Q 3Q 4Q
Secure Strategic Partner
Test & Develop Bradford Sands
SGEIS Approval
Shale Vertical Core Tests
Initial HVHF Flow Tests
Test & Develop Marcellus Oil Shale
Test & Develop Utica Shale
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18. Post-Restructuring Cash Requirements
Liquidity and Capital Expenditures
Monthly Expense: ~USD 1 Million /month Capital Requirements:
Bradford Sands wells:
– ~USD 1 Million
Shale Vertical Cores:
– ~USD 2 Million
General & Administrative includes Legal, Consulting &
Contract Labor, Audit Fees, Office Rents, Travel, Computer &
Communication
Shale horizontal test well with
Salaries & Benefits include Employee Salaries & Benefits
and Directors' Fees HVHF
Exploration Expense includes Delay Rentals & Lease
– ~USD 6-7 Million
Extensions
Interest Expense
Restructuring activities already completed or currently underway include debt refinancing and restructuring, reduction in headcount and office consolidations.
The effects of these activities will be visible in the third quarter of 2012.
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19. Current Context for Norse
• ~USD 10-15 Million needed to recapitalize the business
• Seeking partner(s) to carry the initial phase of a shale drilling
program
• ~USD 65 Million current enterprise value
• ~900 MMBOE net resource position
• Less than USD 0.10 enterprise value per BOE of resources
• SGEIS issuance will unlock the values, and is expected
imminently
• Positive EBITDA is expected within a few months of
commencing shale drilling
Enterprise value ~USD 65 Million updated 27 June 2012 19

20. Summary of Funding Alternatives
Pursuing transactions
offering the lowest cost of
capital and shareholder
dilution
– Convertible Loan
– Asset Sales
– Partnerships
– Debt
– Equity Issuance
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21. EGM Agenda
• Reduction in share capital
– to facilitate issuance of new shares, warrants, or convertible loans
• Authorization to issue convertible loan
– 12 Million NOK to provide short-term liquidity
• Authorization to issue additional convertible loans
– To provide additional short-term liquidity if needed
• Authorization to issue new shares
– Valid until the 2013 Annual General Meeting
– Up to 50% Increase
– Provides flexibility to the Board of Directors
• Employee option program
– To align goals and incentives of employees and shareholders
– To be awarded 2012-2014
– Strike price equal to volume-weighted average trading price for the 5 days preceding
the grant date
• EGM 14 day notice period
– Valid until the 2013 Annual General Meeting
– Provides flexibility to the Board of Directors
• Election of new Board member
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22. End of Presentation