North Sea Energy Inc.
TSX VENTURE : NUK

North Sea Energy Inc.

August 22, 2013 14:56 ET

Premier Oil plc. Announced: Farm-In to UK Bagpuss/Blofeld Area, Potential High Impact 2014 Well

TORONTO, ONTARIO--(Marketwired - Aug. 22, 2013) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) noted that Premier Oil plc. today announced the following, "In August 2013, Premier successfully farmed in for a 37.5 per cent interest in Blocks 13/24c and 13/25, which contain the Bagpuss and Blofeld prospects. The prospects, which Premier evaluates to be heavy oil targets, are located on the Halibut Horst which is a well-defined basement high within the Moray Firth. Analysis of the 1981 discovery well result suggests that the Bagpuss and Blofeld prospect together could contain up to 2 billion barrels of oil in place. It is envisaged that an initial well on one of these features will spud in late 2014."

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, including a 15% working interest the Bagpuss and Blofeld prospects1.

1 For further information on the Bagpuss and Blofeld prospects, please refer to NSE press release dated June 27, 2013 (Senergy (GB) Limited, May 30, 2013).

Oil-In-Place is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered (equivalent to "total resources"). It should be noted that there is no certainty that any portion of the resources will be discovered. If a discovery is made, there is no certainty that it will be commercially viable to produce any portion of the resources or, if it is developed, there is no certainty as to the timing of such development. Resource categories are as defined in the Canadian Oil and Gas Evaluation Handbook (COGEH).

Forward-looking statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to oil reserves and resources and future revenues. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States, UK and globally; industry conditions, including fluctuations in the prices of oil and natural gas; governmental regulation of the oil and gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the oil and gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

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.

Contact Information