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Noreco has acquired 10% of Altinex, bids for additional 15% of the company

Stavanger, 14th May 2007: Norwegian Energy Company AS (Noreco) has acquired a total of 100,000,000 shares in Altinex ASA. Following the purchase, Noreco owns 198,380,000 shares in Altinex, representing 10.029% of the total outstanding shares. Noreco has issued an offer to acquire an additional 15% of the shares in Altinex at NOK 1.45 per share.

Stavanger, 14th May 2007: Norwegian Energy Company AS (Noreco) has acquired a total of 100,000,000 shares in Altinex ASA. Following the purchase, Noreco owns 198,380,000 shares in Altinex, representing 10.029% of the total outstanding shares. Noreco has issued an offer to acquire an additional 15% of the shares in Altinex at NOK 1.45 per share.