Norse Sets Sights on NY Shale Development

- Norse Sets Sights on NY Shale Development

Friday, August 05, 2011
Norse Energy Corp. ASA

Norse announced a reallocation of corporate resources to focus on Marcellus and Utica Shale development.

In anticipation that rules allowing the use of high volume hydraulic fracturing to develop natural gas resources in the state of New York will soon be in place, Norse Energy has elected to immediately suspend Herkimer drilling. This will preserve cash for potentially more profitable Marcellus and Utica Shale planning, permitting and development.

Subsequent to release of the draft SGEIS on July 8, 2011, Norse Energy filed its first application for a permit to drill a shale well in New York State using high volume hydraulic fracturing. The permit is expected to be issued when final SGEIS regulations are in place. This strategy transition is expected to facilitate rapid and efficient development of the Company's Marcellus and Utica Shale resources.

"With the SGEIS public comment period expected to begin soon, now is the right time to re-focus the company on the development of shale resources across our extensive acreage position in New York State," said Mark Dice, Chief Executive Officer.

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Norse Energy Briefs 2Q Production Results

- Norse Energy Briefs 2Q Production Results

Friday, July 08, 2011
Norse Energy Corp. ASA

Norse Energy provided a second quarter 2011 production and sales update. The Company is pleased to report gross production, recorded at its field meter stations, of approximately 6,650 Mcf/d (1,185 BOE) in 2Q11, a decrease of 8% from 7,200 Mcf/d (1,282 BOE) in 1Q11. Gross production volumes, to be reported in the 2Q11 financial statements may deviate somewhat from this early estimate. Net volume will also be reported in the 2Q statements.

Two new horizontal Herkimer wells completed after the frost laws drilling pause began the initial ramp up during the past few days and a third well is currently drilling through the Herkimer with good gas shows. Current production is averaging approximately 7,100 Mcf/d (1,264 BOE). In addition, the company has approximately 1,400 Mcf/d (249 BOE) of gas shut-in pending installation of in-field pipeline connections and pipeline to our new Dominion Transmission interconnection and meter station.

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