North Sea Energy Announces Year End Results for 2013 including Management Discussion and Analysis

TORONTO, ONTARIO--(Marketwired - April 23, 2014) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces that its financial results for the year ended December 31, 2013 along with the related Management Discussion and Analysis ("MD&A") have been filed on SEDAR (www.sedar.com). For more detailed information relating to the Company's yearend results, please refer to the financial statements along with the related Management Discussion and Analysis ("MD&A") in NSE's SEDAR filing.

Highlights and recent events for the year ended December 31, 2013

• Cash on hand of $3,484,565 at December 31, 2013 increased slightly from September 30, 2013, $3,444,647 (December 31, 2012: $6,246,200).
  
  
• Liabilities for the Company decreased in the amount of $4,611,167.
  
  
• In August, 2013, the Company secured a farm-in agreement with Maersk Oil North Sea UK Limited on the Bagpuss and Blofeld prospects, Blocks 13/24c and 13/25. Maersk Oil is to carry 100% of NSE's costs, subject to a cap, to drill the initial Bagpuss Prospect exploration well including a site survey and agreed past costs. Maersk Oil is, also, to carry 50% of NSE's costs, subject to a cap, on a Bagpuss appraisal well, should one be drilled.
  
  
• In June, 2013, the Company received an independent Prospective Resource Assessment of its Bagpuss and Blofeld Prospects (Blocks 13/24c and 13/25) (Total gross low, best and high estimate of prospective resources respectively 31MMbo, 138MMbo and 594 MMbo).
  
  
• Awarded three new blocks in the 2nd tranche of 27th UKCS Licensing round results (Block(s) 18/10a, 19/2 and 19/3).
  
  
• Subsequent to the year end, the Company signed a Joint Bidding Agreement for the 28th UKCS Licensing Round.
  
  
• Subsequent to the year end, the Company withdrew from the Jacky field with an effective date of December 31, 2013.
  
  

SELECTED ANNUAL INFORMATION

	As at and for the year ended
	December 31, 2013 CAD ($) (except per share data)		December 31, 2012 CAD ($) (except per share data)		December 31, 2011