North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

June 06, 2012 17:32 ET

North Sea Energy Announces the Results of its Annual and Special Meeting of Shareholders and Provides Corporate Update

TORONTO, ONTARIO--(Marketwire - June 6, 2012) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces the results of its Annual and Special Meeting of Shareholders (the "Meeting") held on June 6, 2012 in Toronto, Ontario. 47,408,718 million shares were voted representing 81% of the outstanding shares of the Company.

Results of the Meeting

Shareholders voted for the re-election of Hubert-Lance Huet, J. Craig Anderson, C. Brent Austin, Ian D. Lambert, William W. Powers and David Antony as Directors of the Company until the next annual meeting of shareholders.

The shareholders reappointed Grant Thornton LLP Chartered Accountants as the Company's auditor for the ensuing year and authorized the directors to fix the auditors' remuneration.

Shareholders voted to approve, ratify and confirm the amendment of the Corporation's stock option plan (the "Stock Option Plan"), as set out under the heading "Particulars of Other Matters to be Acted Upon - Approval of Amendments to Stock Option Plan" in the Corporation's management information circular.

In addition, shareholders voted to approve the extension of the expiry date of 9,075,527 options that were issued to certain directors, officers and consultants of the Company on January 28, 2008 (the "Options") from January 28, 2013 to January 28, 2018.

Corporate Appointments

The Board has also reappointed the following individuals as officers of the Company:

J. Craig Anderson: Chief Executive Officer, President and Secretary.
Petya Popova: Chief Financial Officer.
Ian Lisseter: Chief Exploration Officer.

For the coming year William Powers has been appointed Exploration and Production Advisor. Mr. Powers previously held the title of Chief Operating Officer. Brent Austin has been appointed Technical and Exploration Advisor. Mr. Austin previously held the title of Chief Technical Officer. In addition, both Mr. Powers and Mr. Austin will continue to serve on the Board of the Company.

The Board also reappointed its standing committees; they include the Audit Committee, the Reserves Committee, the Compensation Committee and the Corporate Governance Committee. The following table includes the committees and corresponding committee members.

Board Member Audit Committee Reserves Committee Compensation Committee Corporate Governance
Committee
Hubert-Lance Huet X X (Chair)
J. Craig Anderson X X
William Powers X X
Ian D. Lambert X (Chair) X
Dave Antony X X (Chair)
C. Brent Austin X (Chair) X

About North Sea Energy Inc.

NSE (TSX VENTURE:NUK) is a UK-focused oil and gas exploration and production ("E&P") company listed on the TSX Venture Exchange. NSE is producing light oil from the Jacky field, located in the Inner Moray Firth off the Scottish coast and has acquired an interest in nine blocks in the North Sea.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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