NOR Energy AS

NOR Energy AS

March 22, 2007 18:31 ET

NOR Closes US$25 Million Convertible Debenture and Announces 2007 Drilling Program

CALGARY, ALBERTA--(CCNMatthews - March 22, 2007) -

Convertible Debenture

NOR Energy AS is pleased to announce the closing of a convertible debenture financing. The financing was led by investment banks ABG Sundal Collier and First Securities SA, both of Oslo, Norway. The financing was substantially oversubscribed and closed on gross proceeds of US$25 million.

2007 Drilling Program

NOR Energy and its partners are committed to a 2007 multi-well drilling program on the Causeway Project located within the boundaries of UK North Sea Block 211/22a. The 2007 drilling campaign follows a previously announced and highly successful drilling program in 2006. The East Causeway Discovery well 211/23d - 17z tested 14,500 bopd in the Ness and Tarbet sandstones and confirmed the previously drilled 211/23b-11 well which tested 8,100 bopd. NOR Energy has a 10.5% working interest.

Subject to final approvals, the partners plan to drill 2 miles southwest of the East Causway Discovery to a depth of 3,500 meters (11,500 feet) to test the Tarbert, Ness and Etive sandstones.

NOR Energy AS is a Calgary based Norwegian incorporated privately held company with assets in the UK North Sea, Tanzania, Australia and the Czech Republic.

Certain statements contained in this release may be considered as "forward looking". Such statements could vary from estimated or implied results.

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