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North Sea Energy Announces Agreement With Ithaca Energy and Dyas Regarding Withdrawal from the Jacky Field

TORONTO, ONTARIO -- (Marketwired) -- 02/04/14 -- North Sea Energy Inc. ("NSE" the "Company") (TSX VENTURE: NUK) is pleased to announce that, through its wholly owned subsidiary North Sea Energy (UK) Limited ("NSE UK"), the Company has signed an agreement (the "Agreement") with Ithaca Energy (UK) Limited ("Ithaca") and Dyas UK Limited ("Dyas"), whereby under the terms of the Agreement, NSE UK agrees to withdraw from the Jacky Field (P.1392, Block 12/21c), effective December 31, 2013. The Agreement settles all outstanding issues and releases the Company of all future costs including decommissioning liabilities from the effective date. An estimate of decommissioning costs for the Jacky Field may be found in NSE's Q3, 2013 financial statements and MD&A.

The Jacky Field is located 12 miles off the Scottish coast and has been producing light oil. Prior to completing the Agreement, NSE UK held a 10% interest in the Jacky Field, while its partners, Ithaca and Dyas, held 47.5% and 42.5% interests respectively. Ithaca is the Operator of the Jacky Field.

"This Agreement removes a substantial amount of future financial uncertainty for NSE," stated NSE CEO, Craig Anderson.

The Agreement is subject to the approval of the Department of Energy and Climate Change (DECC).

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 interests focused on the Moray Firth in the offshore UKCS. These interests include Bagpuss and Blofeld (blocks 13/24c and 13/25), Norfolk (blocks 12/16b and 12/17b), Cloud (block 14/29b), Del Monte (block 19/3) and Golden Phoenix (block 18/10a).

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

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

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