North Sea Energy Announces Third Quarter 2015 Results

TORONTO, ONTARIO--(Marketwired - Nov. 26, 2015) - North Sea Energy Inc. ("NSE" or the "Company") (TSX VENTURE:NUK) announces its unaudited financial results for the period ended September 30, 2015. The summary of the selected financial information should be read in conjunction with the Company's Condensed Interim Consolidated Financial Statements (Unaudited) and the related Management Discussion and Analysis for the quarter ended September 30, 2015 dated November 26, 2015, which have been filed on SEDAR (www.sedar.com).

Highlights and recent events for the three months ended September 30, 2015:

• NSE reduced its general and administrative (G&A) costs by 83% during the three months ended September 30, 2015 compared to the three months ended September 30, 2014 (Q3 2015: $42,572; Q3 2014: $250,626) as part of its ongoing cost reduction program.
  
  
• Progress on the Bagpuss well located in block 13/24c of the UK North Sea, continues, with an expected spud date for H1 2016 (15% Working Interest). NSE's costs relating to the initial Bagpuss well, including well planning and the site survey continue to be carried by Maersk. The Company is funded through its farm-in agreement with Maersk for 100% of NSE's costs, subject to a cap to drill the initial Bagpuss Prospect well including a site survey and 50% of NSE's costs, subject to a cap on a Bagpuss subsequent well, should one be drilled. For more details see Appraisal & Exploration Activities in the accompanying MD&A.
  
  

Selected Quarterly Information:
	For the three months ended				For the nine months ended
	September 30,		September 30,		September 30,		September 30,
	2015		2014		2015		2014
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	CAD ($)		CAD ($)		CAD ($)		CAD ($)
Revenues	0		2,012		49		3,954
Net loss	(161,647	)	(390,124	)	(201,864	)	(1,299,703	)
Basic and diluted net loss per share	(0.003	)	(0.007	)	(0.003	)	(0.022	)
Total comprehensive loss	(734,864	)	(514,803	)	(1,316,016	)	(1,434,796	)

			As at
	September 30,		December 31,		September 30,
	2015		2014		2014
	(Unaudited)		(Unaudited)		(Unaudited)
	CAD ($)		CAD ($)		CAD ($)
Assets	2,244,105		2,622,833		3,186,242
Long-term liabilities	53,700		3,730,228		3,633,178
Shareholders' Deficit	(6,094,540	)	(8,168,546	)	(3,203,674	)

The above noted financial data should be read in conjunction with the period ended September 30, 2015 condensed interim consolidated financial statements. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standards ("IAS") 34 - Interim Financial Reporting.