Spring Energy Acquires Interest in PL 438, Barents Sea, Norway

Spring Energy has agreed to acquire Marathon Petroleum Norge AS’ 17.5 % interest in production license 438, located in the Barents Sea. An exploration well targeting the Skalle prospect is scheduled to be drilled in the license this summer.

Lundin is the Operator for PL438, while the other license participants are RWE Dea, Talisman and Petoro.

The transaction is subject to the necessary authority approvals.

Following this transaction, Spring Energy now holds a total of 25 licenses on the NCS.

Spring Energy is a privately owned Norwegian oil and gas exploration, development and production company focused on the mature and immature areas of the Norwegian Continental Shelf.

The Company’s headquarters are in Oslo where it has a team of 29 highly experienced management and staff. The team has both high level technical and commercial competence and an excellent network of industry contacts which combine to give it a commercial edge.

Since its startup in 2008, the Company has already enjoyed considerable success. Through a combination of successful applications for acreage in NCS licensing rounds, acquisitions, exploration, swapping of assets and active management of the asset portfolio, Spring Energy has established a well balanced combination of quality exploration, appraisal and production assets.

With a consistent and focused strategy, the Company is rapidly growing towards its vision of becoming a highly profitable, fully integrated exploration, development and production company.

The Company is backed by HitecVision, a private equity company with a track record of making sound strategic investments in the Norwegian oil and gas sector.

[mappress]

Source:Spring energy, February 28, 2011;