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Spring Energy signs loan facility to finance exploration and production activities

Spring Energy has signed a NOK 400 million loan facility agreement with SEB. The loan facility will assist Spring Energy in financing the company's 2008 - 2010 exploration and appraisal activities on the Norwegian Continental Shelf.

Oslo, 12th August 2008: The Oslo-based oil company Spring Energy has signed a NOK 400 million loan facility agreement with Skandinaviska Enskilda Banken AB ("SEB"). The loan facility will assist Spring Energy in financing the company's 2008 - 2010 exploration and appraisal activities on the Norwegian Continental Shelf.

 "The SEB loan facility together with the USD 120 million equity finance commitment by HitecVision Private Equity provide us with a strong financial basis to pursue our ambitious growth strategy" states Roar Tessem, CEO of Spring Energy.

www.springenergy.no