North Energy and 4sea energy have entered into an agreement involving
transfer of all 4sea energy shares to North Energy with compensation
in North Energy shares.

 North Energy is established with offices in Alta and Oslo and holds
interests in eight exploration licenses in the Norwegian Sea and
Barents Sea.  The company plans to participate in the drilling of
eight exploration wells over the coming three years, with the first
well due to start early next year.  North Energy has also submitted
an application for exploration licenses in the APA concession round
2009.

4sea energy is localised in Stavanger and holds interests in two
exploration licenses in the North Sea.  The company has submitted an
application for acreage in the APA 2009.  The major shareholder in
4sea energy is IKM invest through ownership in IHM.

"The agreement with 4sea is a step in the consolidation process among
smaller operators on the Norwegian Continental Shelf.  4sea energy
holds interesting exploration acreage and complimentary competence,
and the merger will add capital from industrial investors with
extensive experience from Norwegian oil business," says CEO Erik
Karlstrøm of North Energy.

"This is a good solution for the share holders in 4sea who now become
owners in a company with solid exploration competencies and good
exploration licenses," says CEO of 4sea energy, Tore Guldbrandsøy.
"Further, this forms a solid foundation for continued financial and
industrial development of the merged company."

For more information, please contact:
Erik Karlstrøm, +47 - 47652990 CEO, North Energy
Tore Guldbrandsøy, +47 - 90135649, CEO, 4sea energy


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