HitecVision V invests in Spring Energy Norway AS

HitecVision announced today an agreement to provide USD 120 million in equity financing to the oil and gas company Spring Energy Norway.

Spring Energy Norway AS, located in Oslo, is a start-up oil and gas company actively pursuing growth opportunities in both mature and immature areas on the Norwegian Continental Shelf (NSC). The management team, led by CEO Roar Tessem, has extensive experience from exploration and production. Spring Energy aims to be qualified as a license partner on the NCS before mid 2008 and as an operator during 2010, actively participating in exploration, appraisal and development projects as well as acquiring acreage in the asset market.

HitecVision has committed in total USD 120 million in equity financing to Spring Energy through its fund HitecVision V.

“This funding from such an experienced investor as HitecVision puts us in a unique position to pursue and accelerate our growth strategy. HitecVisions’s investment team has a proven track record within the exploration and production business, successfully taking Revus Energy and Noreco from start-ups to listed companies with extensive and attractive licence portfolios in just a few years. We look forward to further grow Spring Energy together with HitecVision”, states Roar Tessem, CEO of Spring Energy.

“The founders of Spring Energy have on average more than 20 years of exploration and production experience from the NCS, and we are impressed with their achievements and broad pool of expertise. This is a team with high ambitions, eager to pursue innovative exploration methods combining advanced technology and strong competence”, says Gunnar Halvorsen, Senior Partner at HitecVision.

The founders of Spring Energy will continue as shareholders in the company. For further details on Spring Energy, please visit www.springenergy.no.