Noreco ASA - Share capital increase

In a board meeting held 21 November 2007, the Board of Directors of Norwegian Energy Company ASA (`Noreco` or the `Company`) resolved to increase the Company`s share capital by NOK 60,533.70 by
issuing 19,527 shares, each with a nominal value of NOK 3.10.

The shares were issued in accordance with the authorization given to the Board of Directors in the extraordinary general meeting held 10 October 2007.

The shares were issued at a price of NOK 37.50 per share as part of the settlement in accordance with the redemption of options in Altinex ASA from
Gudmund Rønningen, Brian Jepsen and Olaf I. Ellingsen.

Following the resolutions of the Board of Directors described above, the share capital of Noreco will be NOK 345,384,509.80, divided on 111,414,358 shares, each with a nominal value of NOK 3.10.

For further information, please contact:

Scott Kerr, CEO
Tel: +47 992 83 890