Noreco applied for listing on Oslo Stock Exchange

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN THE UNITED STATES, CANDA, AUSTRALIA OR JAPAN.

Stavanger, October 8th, 2007: Norwegian Energy Company ASA (“Noreco”) has applied for a listing on Oslo Stock Exchange (OSE). Prior to the listing Noreco will conduct a Private Placement of up to 5.6 million new shares. In connection with the listing Noreco expects to conduct a retail public offering directed at the public in Norway of up to NOK 50 million.

The Private Placement will be directed towards institutional and professional investors, with minimum subscription and allocation of EUR 50,000. The Private Placement will be carried out as a book-building process with an indicative price range of NOK 125 – 145 per share. Based on the indicative price range, the gross proceeds from the Private Placement will be between NOK 400 and NOK 700 million. Noreco will conduct a series of management presentations during the book-building period, which is planned to commence on October 8th, 2007 and end on October 17th, 2007. The offer price per share in the planned subsequent retail offering will be equivalent to the final offer price in the Private Placement.

Noreco expects the application to be considered at the meeting of the Board of Oslo Stock Exchange scheduled for October 24th, 2007.

THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA OR JAPAN.

THIS PRESS RELEASE IS ISSUED PURSUANT TO REQUIREMENTS UNDER NORWEGIAN LAW, AND IS NOT AN OFFER FOR SALE OF THE SECURITIES IN THE UNITED STATES AND THE SECURITIES MAY NOT BE SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.