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North Sea Energy Announces Issuance of Shares

TORONTO, ONTARIO -- (Marketwired) -- 01/03/14 -- North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE: NUK) announces that it has issued 763,636 shares to EnCounter Oil Limited ("EnCounter Oil") at deemed value of $0.11 per share pursuant to its subsidiary's joint-bidding agreement between EnCounter Oil and North Sea Energy (UK No2) Limited for obtaining North Sea UKCS licences. EnCounter Oil is a private UK based oil and gas exploration company specializing in prospect generation.

About North Sea Energy Inc.

North Sea Energy Inc. (TSX VENTURE: NUK) is an oil and gas company that holds a portfolio of high impact plays focused on the Moray Firth in the offshore UKCS. These plays include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk (blocks 12/16b and 12/17b) and Cloud (block 14/29b).

Forward-looking statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to oil reserves and resources and future revenues. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States, UK and globally; industry conditions, including fluctuations in the prices of oil and natural gas; governmental regulation of the oil and gas industry, including environmental regulation; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; failure to obtain industry partner and other third party consents and approvals, if and when required; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, drilling, processing and transportation problems; changes in tax laws and incentive programs relating to the oil and gas industry; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
J. Craig Anderson, CEO
North Sea Energy Inc.
416-366-4700
[email protected]
www.northseaenergy.ca

Investor Relations:
Shanda Kilborn
416-366-4700
[email protected]

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