Norway: Noreco*s Oil and Gas Production Figures for August 2010

Noreco’s oil and gas production in August 2010 was 10,475 barrels of oil equivalents (boe) per day. Net realized oil price was USD 74 per boe after adjustments for oil put options, inventory and NGL and gas prices.

Total production from the Siri area in August was 16,700 boe/day (6,000 boe/day net to Noreco). The SCB-1 production well is still shut in pending repair work which is scheduled for October.

Brage produced around 23,000 boe/day (2,900 net), down from July due to reduced regularity and continued decline of the Bowmore production well.

South Arne production was 19,000 boe/day (1,250 net), in line with the previous month.

Net production to Noreco from the Enoch and Lulita fields was 150 and 175 boe/day respectively.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.

Noreco is a fast growing Norwegian, independent oil and gas company. The company’s focus is to explore, develop and produce oil and gas in Northwest Europe. Since incorporation in 2005, the company has grown rapidly through license rounds and acquisitions. Noreco operates in Norway, Denmark and the United Kingdom, and employs around 100 oil and gas professionals. Noreco is listed on the Oslo Børs.

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Source: Noreco,September 7, 2010,