Dry exploration well on PL 337 (10 May 2010)

Spring Energy announces a dry well result on the Storkollen prospect in PL 337, located about 15 km South-East of the Sleipner East Field.

The objective of the well was to prove hydrocarbons in the Upper Jurassic Varg Fm. The well proved good quality reservoir as prognosed, however no hydrocarbons were encountered.

The well was operated by Det Norske Oljeselskap ASA on behalf of the PL 337 license group using the rig Bredford Dolphin. Spring Energy holds a 20 % working interest in the license following the recently announced transaction with Wintershall Norge ASA.

Spring Energy has committed to a further 14 exploration and appraisal wells, 7 of which are scheduled for 2010. The next prospect to be drilled is the Maria prospect in PL 475BS located in the Norwegian Sea. The well is expected to spud within the next week.

Press release NPD

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Spring Energy is an independent Norwegian upstream oil and gas company.

Spring Energy has through license applications and farm-in transactions built a considerable portfolio of exploration and appraisal assets. The Company's portfolio provides a balanced spread of risk and reward, encompassing 24 licenses and one producing asset.

Spring Energy is financially backed by HitecVision and has employed a highly experienced team focused on creating value for its shareholders.