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Noreco holds 100% of Altinex

Stavanger, August 29th 2007: Norwegian Energy Company ASA (Noreco) announced today that as a consequence of the high acceptance level of the Mandatory Offer to the sharholders of Altinex ASA, Noreco has, as set out in the Mandatory Offer document and stock exchange notice dated August 23rd 2007, proceeded with a compulsory acquisition of the remaining shares outstanding in Altinex.

Stavanger, August 29th 2007: Norwegian Energy Company ASA (Noreco) announced today that as a consequence of the high acceptance level of the Mandatory Offer to the sharholders of Altinex ASA, Noreco has, as set out in the Mandatory Offer document and stock exchange notice dated August 23rd 2007, proceeded with a compulsory acquisition of the remaining shares outstanding in Altinex. The compulsory acquisition has effect from and including Wednesday August 29th 2007, from which time Noreco holds 100% of the outstanding shares in Altinex.

In the Mandatory Offer, shareholders in Altinex were given the opportunity to choose one of four settlement alternatives, which included cash only and certain combinations of cash and shares in Noreco. As a consequence of the received acceptances, Noreco will issue a total of 749,892 new shares at NOK 150 per share to those acceptants who have requested settlement through a combination of cash and Noreco shares.