Mr. Craig Anderson reports

NORTH SEA ENERGY ANNOUNCES THIRD QUARTER 2014 RESULTS

North Sea Energy Inc. has released its unaudited financial results for the period ended Sept. 30, 2014. The summary of the selected financial information should be read in conjunction with the company's condensed interim consolidated financial statements, and the related management discussion and analysis for the quarter ended Sept. 30, 2014, dated Nov. 27, 2014, which have been filed on SEDAR.

Highlights and recent events for the three months ended Sept. 30, 2014:

• On Aug. 14, 2014, the Bagpuss joint venture partners received approval from DECC (Department of Energy and Climate Change) to convert the Bagpuss licence from a promote licence to a traditional licence which includes a firm drilling commitment;
• In September, 2014, the Bagpuss site survey was completed. The purpose of the survey was to collect high-resolution digital seismic, soils data and a full range of environmental data that are required by the DECC prior to drilling of the initial Bagpuss well.
• NSE continued to reduce its general and administrative (G&A) costs by 30 per cent during the nine months ended Sept. 30, 2014, compared with the nine months ended Sept. 30, 2013 (third quarter 2014: $758,104; third quarter 2013: $1,080,860).

                       SELECTED QUARTERLY INFORMATION
                                                                           
                     For the three months ended   For the nine months ended 
                         Sept. 30,     Sept. 30,         Sept. 30, Sept. 30, 
                             2014          2013          2014          2013 

Revenues                  $ 2,012     $ 455,209       $ 3,954   $ 1,769,531 
Net (loss)               (390,124)   (5,372,270)   (1,299,703)   (6,889,316)
Total comprehensive                                                         
(loss)                   (514,803)   (5,440,117)   (1,434,796)   (6,883,373)
Basic and diluted                                                           
net (loss) per share       (0.007)       (0.092)       (0.022)       (0.118)

The above-noted financial data should be read in conjunction with the condensed interim consolidated financial statements for the period ended Sept. 30, 2014. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standards (IAS) 34 -- Interim Financial Reporting.

We seek Safe Harbor.