Norse Energy Corp ADR (NSEEY)

[kranthikumar]

NSEEY is having perfect play

[pablojonas]

Norse Energy (NSEEY): Distressed Gas Play With Huge Upside Potential

http://seekingalpha.com/instablog/7366471-the-amalgamator/1739621-norse-energy-nseey-distressed-gas-play-with-huge-upside-potential

[reaper247]

Norse Addresses SGEIS Status

(full story at link)

http://norseenergycorp.com/showpress.php?releaseid=705223

"11 October 2012

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) advises that recent public statements by the New York State Department of Environmental Conservation (NYDEC) concerning review of the Supplemental Generic Environmental Impact Statement (SGEIS) by the New York State Health Department, prior to its issuance, are consistent with, and a standard part of, normal agency practice.

It should be noted that, in addition to preparing the SGEIS, the NYDEC is also preparing new drilling regulations to support SGEIS implementation. These new drilling regulations are separate from the SGEIS. Once the SGEIS is issued, the NYDEC will have authority to commence the permitting process for high volume hydraulic fracturing (HVHF) of shale wells in New York State..."

IMO and FWIW.

[reaper247]

NSEEY Norse Energy ibox updated with current information, including the company's certified 2C Contingent Resources confirmed at 951 net MMBOE 5.4 TCFGE through Schlumberger Limited NYSE:SLB

IMO and FWIW.

[reaper247]

Mid-Year Increase in Certified Contingent Resources

http://norseenergycorp.com/showpress.php?releaseid=690679


“22 August 2012
Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTC symbol "NSEEY") announces the results of Schlumberger Technology Corporation's mid-year 2012 reserves and resources update. Schlumberger is the Company's long-standing reserve and resources third party certification agent.

The Company's Certified 2C Contingent Resources as of 30 June 2012 are 951 Net MMBOE, an increase of 71 Net MMBOE over the 31 December 2011 total of 880 Net MMBOE. This increase is primarily attributed to Norse's optimization of development planning and geoscience technology that is leading to the successful outcomes in the Marcellus and Utica shale formations in neighboring states. This externally certified result exceeds management's earlier guidance.

The Company's Proved Reserves as of 30 June 2012 are 9.865 Bcf or 1.7 MMBOE after the recent sale of operated production.

“Growth in the Company's 2C Resources during the past year and a half has more than offset the conveyance of resources associated with our recent asset sales. Schlumberger's mid-year update has now confirmed our internal view of Norse Energy's significant resource position in New York State,” commented CEO, Mark Dice.

Norse Energy owns or leases approximately 130,000 net acres in New York State of which ~33,000 lie in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lie in the Marcellus and Utica natural gas fairways of Central New York. The Company's certified 2C Contingent Resources are now 951 net MMBOE 5.4 TCFGE.”

IMO and FWIW.

[reaper247]

Norse Announces Participation in 2012 Summer NAPE Expo in Houston, Texas

http://norseenergycorp.com/showpress.php?releaseid=689683

"17 August 2012

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) is pleased to announce its participation in the 2012 Summer NAPE Expo, August 23-24 at the George R. Brown Convention Center in Houston, Texas. The North American Prospect Expo “NAPE” is the world's largest oil and gas prospect and property expo.

Norse Energy will present its extensive Appalachian acreage portfolio in exhibition booth 3609 in the main exhibit hall on August 23 and 24. Event details may be found at www.napeexpo.com. Senior management will be present and available to meet interested parties. The Norse acreage brochure is attached.

Norse Energy owns or leases approximately 130,000 net acres in New York State of which ~33,000 lie in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lie in the Marcellus and Utica natural gas fairways of Central New York. Internally estimated contingent resources total ~917 MMBOE or ~5.2 TCFGE.

For further information, please contact:
J. Chris Steinhauser, Chief Financial Officer
Phone: [phone] Ext 105 Email: [e-mail]
S. Dennis Holbrook, Chief Legal Officer
Cell: [phone] Email: [e-mail]"

IMO and FWIW.

[reaper247]

New York State to allow fracking

(Full story at link)
http://www.cbsnews.com/8301-18563_162-57496098/new-york-state-to-allow-fracking/

"(CBS News) The method of extracting natural gas from deep in the earth known as "fracking" has dramatically changed the U.S. energy industry, but as more wells are drilled, protests have continued.

The latest flashpoint is New York State, which has been a fracking holdout. CBS News has learned that New York is about to okay fracking, and will issue guidelines after Labor Day..."

IMO and FWIW.

[reaper247]

Top 20 shareholders currently holding 42% of the OS as of July 10th 2012

http://norseenergycorp.com/index.php?name=Investor_Relations%2FShare_information%2FShareholders.html

NAME HOLDING PERCENTAGE COUNTRY
1 PIONEER GLOBAL HIGH C/O BROWN BROTHERS 14,096,448 12.97% USA
2 EUROCLEAR BANK S.A./25% CLIENTS 10,360,272 9.53% BEL
3 PIONEER HIGH INCOME 3,117,858 2.87% USA
4 ODIN OFFSHORE 2,150,000 1.98% NOR
5 CSPN HOLDING AS 1,650,000 1.52% NOR
6 UBS AG, LONDON BRANC S/A IPB SEGREGATED
1,339,951 1.23% GBR
7 MP PENSJON PK 1,268,960 1.17% NOR
8 BJARTE BRUHEIM 1,200,000 1.10% NOR
9 S FJORD INVEST AS 1,200,000 1.10% NOR
10 NORDNET BANK AB 1,195,250 1.10% SWE
11 SGSS PARIS A/C SGSS NANTES/SGBT 1,060,069 0.98% FRA
12 MEGARON AS JPMBLSA RE NORDEA BA 1,000,000 0.92% NOR
13 WILDING MATTHIAS 981,355 0.90% NOR
14 NICON HOLDING AS 900,000 0.83% NOR
15 WESTCAP A/S 875,455 0.81% NOR
16 DANSKE BANK A/S 3887 OPERATIONS SEC 809,602 0.75% DNK
17 MOUSELESS INVEST AS 800,000 0.74% NOR
18 MABE INVEST AS 776,252 0.71% NOR
19 FARSTAD JAN HENRY 706,772 0.65% NOR
20 THERMOTECH INVEST AS 700,000 0.64% NOR

Top 20 Shareholders 46,188,244 42.50%

Total shares outstanding 108,667,897

IMO and FWIW.

[reaper247]

Norse Energy Corp ASA: Norse Announces Convertible Loan

(full story at link)
http://ih.advfn.com/p.php?pid=nmona&article=53436508&symbol=NSEEY

“Regulatory News:

Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway; "NSEEY" ticker U.S. OTC) announces that the Board of Directors, in accordance with the authorization given by the Extraordinary General Meeting held 5 July, 2012, has resolved to approve the entering into of a convertible loan agreement with MP Pensjon PK.

The loan will be 1,500,000 NOK at an interest rate of ten percent per annum, with a maturity date of 12 July 2015. The loan will be unsecured and may be converted into shares in Norse Energy. The conversion price will be the lesser of the volume weighted average trading price the five days preceding the funding date of the loan or the lowest subscription price for private placements prior to 1 July 2015.”

IMO and FWIW.

[reaper247]

What’s next in Cuomo’s fracking plan for New York...? Clues found both in remarks, permitting data

(full story at link)

http://tomwilber.blogspot.com/2012/06/whats-next-in-cuomos-fracking-plan-for.html

"...In search of more clues as to where and when shale gas permits will be issued in the Empire State, though, I followed the lead of industry watcher and blogger Andy Leahy, and turned to the New York State DEC’s data base that tracks permitting activity. My take is similar to Leahy’s, and it’s really not a big surprise. The companies are setting their stakes down in the south central part of the state, over the richest part of New York’s Marcellus Shale and near major pipeline infrastructure.

Chenango County is one strategic spot. Here Norse Energy, the Norway firm, has been developing the Herkimer Sandstone formation for a decade, and it intends to use its landhold and hardware to begin exploring the Utica and Marcellus shales as it works it’s way south toward the Millennium Pipeline in Broome County. I count 20 Norse permit applications in Chenango County for either the Marcellus or Utica, most of them from this year. If Cuomo releases his permitting document, Norse may also be among the first out of the gate in Broome County, where it this year applied for five shale gas permits in the town of Sanford.

Chesapeake CHK, of Oklahoma City, is also vested in Broome County, with a dozen applications in the Town of Fenton from 2009. In Tioga County, Talisman, a Canadian company, has 11 active shale gas permits applications in the Town of Candor from 2008 and 2009. Carrizo, a Houston company, filed one this year in the Town of Owego..."

IMO and FWIW.

[reaper247]

Norse Energy Corp ASA: Norse Addresses Chesapeake Lease Settlement

http://ih.advfn.com/p.php?pid=nmona&article=52775695&symbol=NSEEY
Regulatory News:

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) advises that Chesapeake Energy’s recently reported settlement with the NY Attorney General’s office should be viewed in the context of lease issues specific to Chesapeake. The broader question of leases being extended by force majeure due to delays in the issuance of the SGEIS by the NY Department of Environmental Conservation (DEC), remains before the Federal courts in lawsuits that are continuing to be pursued by both Chesapeake and Inflection Energy, respectively.

Norse Energy is not a party to the lawsuits involving Chesapeake and Inflection addressing force majeure. However, Norse declared force majeure over most of its leases in NY not held by production, effective December 2010, when NY Governor Patterson issued an Executive Order prohibiting permitting for high volume hydraulic fracturing until issuance of the SGEIS.

“The Company’s typical lease provides for an extension of the lease term under circumstances, which we believe have arisen, as a result of delays in the SGEIS,” commented Norse Chief Legal Officer Dennis Holbrook. “Norse looks forward to the day--hopefully soon--when the focus shifts from issues of delay to how successfully and safely we are drilling shale wells under the SGEIS,” concluded Holbrook.

Norse Energy now owns or leases approximately 130,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lies in the Marcellus and Utica natural gas fairways in Central New York.

This information was brought to you by Cision

www.cisionwire.com

IMO and FWIW.

[reaper247]

Norse Energy Corp ASA: Norse Addresses NY Times SGEIS Update

http://ih.advfn.com/p.php?pid=nmona&article=52760580&symbol=NSEEY

June 14, 2012

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) advises that a June 13 New York Times article referenced sources close to NY Governor Cuomo’s office expecting issuance this summer of the SGEIS for permitting of high volume hydraulic fracturing of Marcellus and Utica shale in New York State. Norse has previously advised of a similar timeframe for the anticipated release of the SGEIS.

The Times’ story indicated that certain areas of the state would initially be unavailable for development either due to proximity to fresh water aquifers, other setback restrictions or local bans on drilling. Fortunately for Norse, the Company estimates that only a small portion of its acreage position (~ six percent in central NY and ~ eight percent in western NY) would be impacted by such restrictions.

The Times’ article further indicates that development permits will be initially issued in certain counties, including Broome and Chenango Counties, where Norse holds a majority of its acreage. While the article focuses on the Marcellus Shale, Norse estimates that the Utica Shale contains even larger resource potential in these areas of New York State.

“In the areas of the state where we have traditionally explored for oil and gas, the local support has been substantial,” commented Norse CEO Mark Dice. “It is encouraging that the Governor’s office appears poised to now advance the SGEIS, allowing for the safe and environmentally sound development of this valuable natural resource”, concluded Dice.

Norse Energy now owns or leases approximately 130,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lies in the Marcellus and Utica natural gas fairways in Central New York.

This information was brought to you by Cision

www.cisionwire.com

IMO and FWIW.

[reaper247]

Norse Energy Corp ASA: Norse Announces Resignation of Director

http://ih.advfn.com/p.php?pid=nmona&article=52730976&symbol=NSEEY

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway;

“NSEEY” ticker U.S. OTC) announces the resignation of Norse Board Member Øivind Risberg. Mr. Risberg was elected as a Director of Norse in November 2011. Mr. Risberg is the former CEO of Norse Energy and is presently CEO and part owner of EmKey Energy.

EmKey Energy and its affiliates recently purchased gas production, transportation facilities and pipeline rights of way from Norse. In connection with the transaction, EmKey and Norse have agreed to a mutual area of interest for joint development. Further, EmKey has committed to provide a pipeline facility for firm transportation services to Norse of 90,000 Mcf per day, once Norse so nominates.

While the parties expect to work cooperatively in these new relationships, there is the potential for the respective interests of Norse and EmKey to be competing. For these reasons, Mr. Risberg determined it would be in the best interest of both companies that he resigns from Norse’s board of directors.

“Norse appreciates the potential challenges in representing the interests of both EmKey and Norse and therefore accepts the resignation of Øivind Risberg,” commented Norse Chairman Cecilie Amdahl. “Øivind has been a tremendous advocate on behalf of Norse Energy. We look forward to a strong working relationship with Øivind in these new endeavors and wish him well in his stewardship of EmKey,” concluded Amdahl.

This information was brought to you by Cision www.cisionwire.com

IMO and FWIW

[reaper247]

Norse Energy Corp ASA: Norse to Redeem its NEC03 Bonds

http://ih.advfn.com/p.php?pid=nmona&article=51741390&symbol=NSEEY

Reference is made to the February 28, 2012 press release in which Norse Energy announced the proposed refinancing of the bond portfolio.

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces the exercise of its call option in respect of the NEC 03 bonds.

The Company wishes to redeem the NEC03 Bonds and is exercising its call option in accordance with section 10.2 of the Amended and Restated Loan Agreement.

Settlement of the NEC03 Bonds will take place on 4 April 2012.
The NEC03 Bonds are called at 106 % of principal value (where the principal value is USD 3.74 million), with the addition of accrued and unpaid interest on the NEC03 Bonds to settlement date.

The Company owns in fee or has leases covering approximately 131,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~98,000 net acres lies in the Marcellus and Utica natural gas fairways in Central New York.

IMO and FWIW.

[reaper247]

Norse Energy Corp ASA: Norse Announces USD 37 Million Sale of Assets

http://ih.advfn.com/p.php?pid=nmona&article=51627942&symbol=NSEEY

Regulatory News:

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that it has entered into a definitive agreement to sell its operated production, ~22,000 held by production (“HBP”) acres (in which Norse retains a 37.5% working interest in the deep Utica formation), gathering system, and pipeline rights of way in Central New York. The buyer will also receive a three year warrant to purchase 81 million shares at a strike price of NOK 0.40 at the closing date. Total cash consideration to Norse is USD 37 million.

The buyer is EmKey Resources, LLC, a privately owned company, led and partially owned by Øivind Risberg, a current Norse board member and former Norse Energy CEO.

An Extraordinary General Meeting of Shareholders in Norse will be scheduled for early April to seek approval for the transaction, which is expected to close on or about April 16, 2012.

In connection with this transaction, the buyer is committed to construct a pipeline capable of transporting a minimum of 90,000 Mcf/day, once Norse so nominates for firm transportation.

“This asset sale is an important milestone for Norse Energy. The cash consideration received will fund the bond debt restructuring that we announced on February 28,” commented Norse CEO Mark Dice. “With this transaction, Norse gains a strategic partner who is committed to invest in pipeline infrastructure in Central New York. Norse is now much better positioned to accelerate development of its significant shale resources,” concluded Dice.

Following this sale, the Company will own or lease approximately 131,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~98,000 net acres lies in the Marcellus and Utica natural gas fairways in Central New York.

This information was brought to you by Cision www.cisionwire.com.

IMO and FWIW.

[reaper247]

Norse wants to be 1st in line for NY gas permits

(full story at link.)
http://online.wsj.com/article/AP18df02d4eedd4d1195d8b5b975caf175.html

ALBANY, N.Y. — While New York regulators wrap up a 4-year environmental impact study of shale-gas drilling that has driven most energy companies to other states, a Norwegian company hopes to be first in line if New York starts issuing permits.

Dozens of permit applications for wells in New York's part of the lucrative Marcellus Shale were filed in 2008 and 2009 with the Department of Environmental Conservation. But then the DEC said no permits will be issued until the completion of its environmental review of gas production using horizontal drilling and high-volume hydraulic fracturing, or fracking.
Companies stopped applying.

The only exception is Norse Energy, which has submitted seven applications since November. The applications are for wells in central New York within 50 miles of the Pennsylvania border, the towns of Smithville, Coventry and Smyrna in Chenango County, and Sanford in Broome County.

That area is considered among the most gas-rich land in New York's share of the Marcellus Shale, which underlies southern New York and parts of Ohio, Pennsylvania and West Virginia and is estimated to contain 84 trillion cubic feet of recoverable natural gas. That's enough to supply the nation's gas-burning electrical plants for 11 years, at current rates of use.

IMO and FWIW.

[reaper247]

Confirmed Registration of Increased Share Capital

http://norseenergycorp.com/showpress.php?releaseid=642999

February 27, 2012

Reference is made to the stock exchange notice dated January 30, 2012 regarding conversion of Bonds to New Shares in Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway; "NSEEY" ticker U.S. OTC).

The share capital increase of NOK 107,114,044 from the debt conversion was registered in the Register of Business Enterprises ("Foretaksregisteret") on February 24, 2012.

Following the debt conversion, NEC has a share capital of NOK 400,803,991.76 divided into 1,086,675,945 shares, each with a nominal value of NOK 0.36883488. Each share carries right to one vote at the Company's general meetings. The updated company certificate is enclosed.

For further information please contact:
J. Chris Steinhauser, Chief Financial Officer
Phone: [phone]
Email: [e-mail]

IMO and FWIW.

[reaper247]

Norse Energy Corp ASA: Norse Energy Announces Resolution to Increase Capital in Connection with Conversion of Bonds

http://ih.advfn.com/p.php?pid=nmona&article=51244641&symbol=NSEEY

Reference is made to the resolutions of the extraordinary general assembly on 22 November 2011.

The Board of Directors of Norse Energy Corp. ASA (OSE:NEC) (Pink Sheets:NSEEY) (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) resolved on 16 February 2012 to increase the company's share capital by NOK 99,292,534.30 by issuing 269,205,923 new shares, each with face value NOK 0.36883488.

The capital increase is made in connection with the conversion of bonds as announced on 30 January 2012.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

IMO and FWIW.

[reaper247]

‘Fracking’ support by Obama roils N.Y. debate

-President’s hard sell reverberates locally-
(Full story at link)

http://www.buffalonews.com/city/capital-connection/washington/article716466.ece

Updated: January 27, 2012, 6:44 AM

WASHINGTON — President Obama on Thursday doubled down on his sudden support of hydraulic fracturing as a key to the nation’s energy future, a move that has thrilled supporters of “fracking” — and baffled environmentalists — in New York.
“We have a supply of natural gas that can last America nearly a hundred years,” Obama said in a speech in Las Vegas. “Developing it could power our cars, our homes and our factories in a cleaner and cheaper way. And experts believe it could support more than 600,000 jobs by the end of the decade.”...

IMO and FWIW.

[reaper247]

Institutional Investors still hold over 25% of outstanding common shares as of January 19th 2012.

IMO and FWIW.

[reaper247]

New York closes heated fracking comment period

(Full story at link.)
http://www.reuters.com/article/2012/01/11/us-energy-fracking-ny-idUSTRE80A2EA20120111

(Reuters) - Final rules that could lift a three year ban on fracking in New York will be finalized by state regulators in the coming months, after a heated and divisive public comment period closed on Wednesday...

IMO and FWIW.

[reaper247]

Another small step for Norse Energy.

http://www.uticaod.com/mid-yorkweekly/x1015654922/Town-of-Lebanon-board-meeting-notes

TOWN OF LEBANON —
Lebanon town board members recently increased the hourly rate for all highway employees by 50 cents per hour for 2012 while making some policy changes intended to reduce highway costs in the coming year.
Supervisor Jim Goldstein also confirmed that the town is in receipt and had placed into escrow $82,500 from Norse Energy that will be used to contract with Vestal Asphalt to repair natural gas development road impacts to Vosburgh Road in the spring of 2012 per a signed agreement by all parties...

IMO and FWIW.

[reaper247]

Norse Energy (NSEEY) stays alive for 2012.

http://www.norseenergy.com/showpress.php?releaseid=628571

Norse Announces Definitive Agreement to Sell Acreage & Overriding Royalty Interests for Proceeds of USD 26.7 Million
January 2, 2012

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that it has entered into a definitive agreement to sell acreage and overriding royalty interests for cash consideration of USD 26.7 million to undisclosed and unrelated buyers.

Norse is selling leases and fee interests totaling approximately 22,700 acres in Central New York and overriding royalty interests of (i) 2.5% on 24,300 acres that are held by production ("HBP") in Central New York; (ii) 3.75% on 84,000 non-HBP leased and fee acres located in Central New York; and (iii) 6.25% on 33,000 acres located in Western New York.

Not included in this transaction are the Company's proved reserves, including those reserves in the Herkimer Formation.

Upon closing, Norse received USD 21.7 million as the first installment. The remaining cash consideration of USD 5 million will be held in escrow to allow the buyers adequate time to conclude confirmatory due diligence, whereupon the remaining funds will be disbursed to Norse no later than March 31, 2012.

“This transaction represents an important first step in providing liquidity for the company and reflects renewed interest in our New York acreage,” commented Norse CEO Mark Dice. “Norse remains hopeful that the SGEIS approval process will be complete so that development of our significant shale resources can commence in 2012,” concluded Dice.

Following this sale, the Company retains a significant land position of approximately 160,000 net acres in New York State of which approximately 110,000 net acres are in the Marcellus and Utica shale fairway in Central NY.
For further information, please contact:
J. Chris Steinhauser, Chief Financial Officer
Phone: [phone] Email: [e-mail]

IMO and FWIW.

[reaper247]

Norse Announces Lawsuit with Bradford Drilling

December 12, 2011

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that Bradford Drilling has filed a lawsuit concerning a joint venture program to drill Herkimer formation natural gas wells with Norse in central New York. The program was halted in early August 2011, as was previously advised, and has yet to resume.

Bradford Drilling is seeking a return of $7.65 million of the $9 million which they provided to the Company under the terms of the Drilling Program Agreement. The Company recently advised Bradford that approximately $3.5 million remained to be allocated to the program and anticipates allocating those funds when the program resumes or as needed to address ongoing program expenses. Bradford also seeks $10 million in punitive damages. The Company is of the opinion that it has acted in conformance with its contractual obligations and does not anticipate any liability beyond its obligation to disburse funds in accordance with the terms of the Drilling Program Agreement.

Norse Energy had total contingent resources of ~3.9 TCF (~700 MMBOE) at the end of 2010 with ~180,000 net acres in New York State, with ~ 130,000 net acres in the Marcellus and Utica shale fairway.

IMO and FWIW.

[reaper247]

Thanks for the input.

GLTU, IMO and FWIW.

[Watchful 2]

Norse Energy seems to have helped define where the Marcellus "fairway" is not located in New York.

So cheers for that.

www.scribd.com/doc/74029176/Norse-Energy-RIP

http://www.scribd.com/doc/74029176/Norse-Energy-RIP

[reaper247]

Norse Files for its Third Shale Gas Horizontal

(full story at link)
http://nyshalegasnow.blogspot.com/2011/11/norse-files-for-its-third-shale-gas.html

Chenango County is starting to look like it could become Upstate New York's Pioneer of Marcellus and Utica Shale Gas, what with all three post-moratorium drilling permit applications being situated in that rural locale.

Technically, New York's tortured SGEIS process has still not fully run its course, and the shale gas moratorium remains in place. But there's been one exploration and production company getting in line way early for drilling permits, in anticipation that the temporary ban will be declared over sometime in 2012.

The NYS DEC's public database of regulated wells shows Norse Energy on Nov. 14 put in another application — this time for a full-on horizontal Marcellus shale gas well to be called the Martin, C. 1H. The proposed well pad location maps out near the uphill corner of Jones Hill Road and Town Line Road in the Town of McDonough. If it ever happens, the outermost reach of the horizontally running drillbit would be deep under the valley of Genegantslet Creek, about one full mile away, across Route 220 in the Town of Smithville.

IMO and FWIW.

[reaper247]

NEC to cut operating costs

http://www.stocklink.no/Article.aspx?id=86172

Norse Energy announced today its results for the third quarter. The figures showed an EBITDA of $ -2,090,000. This is an improvement from the same quarter last year the profit was $ 4.15 million. The total revenue for the company totaled $ 4.18 million, a slight decrease from the $ 4.24 million in 2010. The company had to reduce operating costs, when the company experiencing major challenges in maintaining an adequate liquidity. Nevertheless, the company has great faith in the value of New York. Operating profit for the offshore company totaled $ -10.69 million. Although there are negative numbers, this is a big improvement from the $ -22.45 million from last year. Profit per share $ -0.01 per share, an improvement from 0.05 dollars per share last year.

IMO and FWIW.

[reaper247]

Natural Gas act, round 2.

Chesapeake, Westport CEOs Push for Nat Gas Act

(full story at link)
http://www.cnbc.com/id/45324725

Despite record U.S. natural gas production, the country has yet to make widespread progress in using the resource as a transportation fuel. There is some optimism surrounding the Nat Gas Act, though. As introduced in the Senate on Tuesday, the legislation provides tax incentives to buy natural gas engines, though past efforts of this kind have been slowed and halted by political wrangling.

IMO and FWIW.

[reaper247]

Thanks for the article. Natural gas is gonna be interesting to watch over the next year. There are some pretty big players waiting to develop these assets.

IMO and FWIW.

[MWM]

Nice DD here is another article I came across...

http://www.syracuse.com/news/index.ssf/2011/10/utica_shale_is_the_next_fracki.html

[reaper247]

Recent forum posts…

https://www.avanza.se/aza/press/forum/forum.jsp?forumId=1265#post_2262215


Innlegg av: Palden (31.10.11 15:16 ), lest 258 ganger
Ticker: NEC
RE^1: NEC - NGI's Shale Daily
Norse Selling Assets, But Still Wants to Do Business in New York
published by NGI's Shale Daily: October 31, 2011

Although Norse Energy Corp. ASA has put most of its leasehold in New York up for sale, the company said it hopes to continue doing business in the state -- especially through a joint venture (JV) -- and is currently in negotiations with several interested parties over its assets.

Dennis Holbrook, Norse's spokesman and executive vice president, confirmed that the Norwegian company has put 130,000 net acres in Broome and Chenango counties up for sale as it looks to recover and move forward after falling $90 million in debt (see Shale Daily, Oct. 25).

"These are challenging economic times for us, for all of the obvious reasons," Holbrook told NGI's Shale Daily. "We've paid a tremendous price in terms of the cost of delay. Our hope is that we can do a partial asset sale and give ourselves some running space to take advantage of this long-awaited process. I'm hopeful this is finally coming to fruition."

Last Tuesday that "long-awaited process" got a bit longer after New York Department of Environmental Conservation (DEC) Commissioner Joseph Martens announced that a key advisory panel would need to work into the early months of 2012 to complete their recommendations (see Shale Daily, Oct. 28). Meanwhile the DEC is currently in the midst of a 60-day comment period over its proposed rules governing hydraulic fracturing (fracking) in the state. A revised draft supplemental generic environmental impact statement (SGEIS) was issued on the practice in September (see Shale Daily, Sept. 8).

Asked if the company would abandon New York and focus elsewhere, perhaps Pennsylvania, Holbrook said Norse has "had operations in [both states], but right now we're trying to see if we can get some proper valuations for some portion of our assets in New York.

"It's our hope and expectation that we'll be able to continue to operate [in New York] and take advantage of the SGEIS when it finally comes to fruition. Our hope would be that we could sell some [assets] and keep some. We'd love to partner up with the right party so that we sell a portion of our interests and have some participation rights going forward. All of those things are on the table for consideration."

Holbrook said Norse was currently in discussion with several parties over a possible deal.

"You end up with a lot of tires being kicked," Holbrook said. "With the uncertainty that New York has presented over the last few years, a lot of parties have been taking a wait-and-see type of attitude. But I have noticed some improvement recently. There are a couple [of] parties that look like they're serious about advancing the process. Our hope is that the right deal is out there that will make sense for both sides to move forward."

Oil and gas companies have generally reacted favorably to the DEC's recommendations enshrined in the SGEIS, although some companies, the American Petroleum Institute and others have complained that the guidelines needlessly exclude thousands of acres in the Marcellus Shale from development (see Shale Daily, Sept. 9; July 5).

Fortsetter under


Innlegg av: Palden (31.10.11 15:17 ), lest 252 ganger
Ticker: NEC
RE^2: NEC - NGI's Shale Daily
At first blush, Holbrook said he couldn't comment on precisely how the DEC's guidelines would affect the 130,000 leasehold acres that Norse is trying to sell or partner with in central New York, other than to say that "there are significant setoffs and restrictions on access that historically weren't there, including surface rights on state lands."

But Holbrook indicated that the company has already conducted at least an informal review of its acreage position and, in some cases, its existing gathering system.

"We're not in the New York City [or Syracuse] watershed areas or even close to them," Holbrook said. "We believe that we're in a pretty good position from an acreage standpoint to move forward. We're reasonably comfortable with what we'll be able to do with our acreage position. We do avoid the excluded areas for the most part."

According to Holbrook, Norse has completed construction of an interconnection with two Dominion Transmission parallel pipelines near Morrisville, NY, and is currently conducting line testing (see Daily GPI, Oct. 7, 2010).

Holbrook estimates that once state officials approve the SGEIS and permits are issued, operators could begin drilling horizontal wells in New York by the late spring or early summer of 2012.

"So we will have approached almost four years since New York held things up," Holbrook said, adding that lease terms typically average five years. "That's a long time to wait."

Holbrook also predicted that the continuing regulatory uncertainty in New York would foster further consolidation among the oil and gas companies.

"If you look out in the industry, you will see that some pretty good-sized companies have realized that they need to partner up [with another company] to properly develop the shales because of the capital-intensive nature of it," Holbrook said. "We've been looking off and on over the course of at least a couple [of] years now for potential JV partners, or some other arrangement, under which we could jointly develop our property and get some capital infusion up front."

Holbrook said that for at least the last two years Norse has been exploring the possibility -- especially through private channels -- of entering into a JV or selling some of its assets. But he said those private channels "didn't pan out, so we've decided to go more public.

"A lot of folks are very excited about the geologic potential of New York. Some of the best wells being drilled in Pennsylvania are close to our acreage position. But some of them, even the big guys, have stumbled. They're reluctant to [get into New York] given the regulatory uncertainty the state has created and the media attention from New York City."

But Holbrook said it wasn't all bad news.

"The SGEIS looks like it is finally on a reasonably firm timetable for completion, and that is helping," Holbrook said. "The problem we're challenged with is that it's been so long in the process that we've been stretched pretty significantly financially during this waiting period."

IMO and FWIW

[reaper247]

Nice to see some comments from shareholders in Norway.

http://forum.hegnar.no/thread.asp?id=2074506

Post by: Invest AS (30/10/11 10:55), read 1522 times
Ticker: NEC
NEC - think we have a great week - SEE HERE (-:
Hi all, Proposes doubters buy DN from yesterday, and read what Helge Lund in Statoil says of shale gas in the United States and the enormous potential. Many also expect the message, maybe tomorrow, regarding the sale acres, or preferably a JV! Read the attached information / message below, there are indications that the NEC is now approaching a solution and that info soon. Continues to show good Sunday! (-:

................... Norse Selling Assets, But Still Wants To Do Business in New York October 31, 2011 Although Norse Energy Corp.. ASA ha put most of its lease hold in New York up for sale, the company said it accumulate to continue doing business in the state - especially through a joint venture (JV) - and is currently in Negotiations with several at intersted parties over its assets.
(more. .. ) shaledaily.com/

IMO and FWIW.

[reaper247]

Norse Energy Announces EGM Request

http://www.newsweb.no/newsweb/search.do?messageId=291801

October 24, 2011

Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway;
"NSEEY" ticker U.S. OTC) announces that it has received a request for an
Extraordinary General Meeting (EGM) from a shareholder's group
indicating that it represents more than five percent of outstanding
Norse shares.

The stated purpose of those requesting the meeting is to address
replacing board members Dag Erik Rasmussen and Katherine Stovring with
Cecilie Amdahl and former Norse CEO Oivind Risberg, respectively. Norse
anticipates sending out shortly formal notice of an EGM, with the
meeting expected to take place within the next thirty days.

IMO and FWIW.

[reaper247]

Norse Energy puts N.Y. land rights for sale
Gas company hurt by moratorium on drilling

http://www.pressconnects.com/article/20111021/NEWS01/110210398/Norse-Energy-puts-N-Y-land-rights-sale?odyssey=nav%7Chead

IMO and FWIW.

[reaper247]

Interesting article posted last week.

Norse Energy Shows The Way!
(full story with video at link)

http://eidmarcellus.org/2011/10/10/norse-energy-shows-the-way/

"Last week thanks to Norse Energy I was privileged, along with some local government officials, to receive a tour of the Diehl Compressor Station in upstate New York. How to deal with the “produced water” that comes back up the well with natural gas is a frequently expressed concern of those opposing natural gas exploration in our area. Norse, in cooperation with Texas A&M engineers, has addressed this issue by creating a filtration system that operates within the compressor stations serving each drilling unit or group of units. Once again, technological innovations by the industry are rendering issues moot as fast as they can be raised.

The system I toured is a small scale water treatment operation headed by David Burnett. “We have been developing reliable membrane filtration processes for almost a decade,” said Burnett, Director of Technology for GPRI. This system is in a testing phase, currently cleaning 2 gallons of water per minute, but, once it is perfected, it will expand to larger volumes. The company hopes to produce a full scale model that will clean 100 gallons of water per minute."

IMO and FWIW.

[reaper247]

Norse Energy Corp ASA: Third Quarter Production Update

http://www.businesswire.com/news/home/20111006006764/en/Norse-Energy-Corp-ASA-Quarter-Production-Update

October 07, 2011 12:26 AM Eastern Daylight Time

LYSAKER, Norway--(BUSINESS WIRE)--Regulatory News:

Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC, the “Company”) provides a third quarter 2011 production and sales update. The Company is pleased to report gross production, recorded at its field meter stations, of approximately 6,490 Mcf/d (1,156 BOE) in Q3-11, a small decrease of 2% from 6,645 Mcf/d (1,184 BOE) in Q2-11. Gross production volumes, to be reported in the Q3-11 financial statements, may deviate somewhat from this early estimate. Net volume will also be reported in the Q3 statements. Several wells that had been shut-in were brought back on line in late September. Consequently, current daily gross production is averaging about 7,200 Mcf/d (1,282 BOE). No new wells were brought into production during the quarter.

The Company recently announced plans to suspend Herkimer drilling and reallocate resources towards potentially more profitable Marcellus and Utica Shale development. This decision was validated on September 28th by Chesapeake Energy Corporation’s announcement of Utica Shale discoveries in Ohio and Pennsylvania that appear to confirm the huge potential of the Utica Shale in the Appalachian Basin.

Also on September 28th the DEC followed up release of its draft SGEIS with proposed regulations for high volume hydraulic fracturing. Both documents are now available for public comment. This continues the positive momentum in favor of development of natural gas from shale formations in the State of New York.

About Norse Energy Corp.:

Norse Energy is a natural gas production company with significant upside in the Marcellus and Utica Shales. At year end 2010 the Company had third party certified total contingent resources of 3.9 TCF (~700 MMBOE) of which approximately 3.7 Tcf are in the Marcellus and Utica. The Company has a significant land position of 180,000 net acres in New York State.

This information was brought to you by Cision

www.cisionwire.com
Contacts

Norse Energy Corp. ASA
Chief Financial Officer
J. Chris Steinhauser, [phone]
[e-mail]

IMO and FWIW.

[reaper247]

According to the corporate presentation released in July, the company is projecting capital expenditures of $8,609,381,250 on the development of the Herkimer, Marcellus and Utica shales with an internal rate of return of 62%.

Not sure that we have seen the bottom yet, as the company is unable to develop these assets until 2012 because of the NYGEIS restrictions.


Could be a monster though.

http://norseenergycorp.com/index.php?name=Investor_Relations%2FShare_information%2FShareholders.html

Shareholders
As of August 19, 2011
NAME HOLDING PERCENTAGE COUNTRY
1 GOLDMAN SACHS 47,124,382 6.34% GBR
2 ODIN OFFSHORE 27,500,000 3.70% NOR
3 UBS AG, LONDON BRANC S/A 24,599,748 3.31% GBR
4 DNB NOR SMB VPF 19,720,736 2.65% NOR
5 EUROCLEAR BANK S.A. 18,610,094 2.50% BEL
6 NORDNET BANK AB 14,480,050 1.95% SWE
7 MP PENSJON 12,689,600 1.71% NOR
8 BJARTE BRUHEIM 12,000,000 1.61% NOR
9 BANK OF NEW YORK MEL BNY 11,691,885 1.57% DEU
10 JEFFERIES & CO 11,115,000 1.50% USA
11 SAF INVEST AS 10,000,000 1.35% NOR
12 KLP AKSJE NORGE VPF 9,699,900 1.31% NOR
13 JP MORGAN CHASE BANK S/A 9,471,599 1.27% GBR
14 BANK OF NEW YORK MEL TREATY 8,002,000 1.08% GBR
15 WESTCAP A/S 7,600,000 1.02% NOR
16 HSBC BANK PLC 7,530,238 1.01% GBR
17 KOMMUNAL LANDSPENSJONSKASSE 7,346,610 0.99% NOR
18 SKANDINAVISKA ENSKILDA 7,258,578 0.98% LUX
19 JAN HENRY FARSTAD 7,067,716 0.95% NOR
20 MORGAN STANELY & CO S/A 7,063,787 0.95% GBR

Top 20 Shareholders 280,571,923 37.75%

Total shares outstanding 743,154,566

IMO and FWIW.

[reaper247]

Norse Energy Announces USD 8.0 million Bond Repurchase

22 August 2011


Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that its US subsidiary, Norse Energy Holdings, Inc., has purchased USD 8.0 million nominal value of the Company’s NEC 02 bonds in open market purchases at a discount from par. The Company will record an approximately USD 2.4 million gain on the early extinguishment of debt as a result of the transactions after the recognition of unamortized bond issuance expense primarily related to the NEC K warrants.

“The reduction in debt and gain from the transactions bolsters the Company’s equity ratio in the short term and allows the Company time to continue pursing ongoing asset sales processes and other alternatives to strengthen the balance sheet in the longer term” said Mark Dice, Chief Executive Officer.

On 15 August the Company announced that it was in discussions with its bondholders regarding an equity covenant waiver in its bond agreements and/or the conversion of some or all of its bond debt into new equity. These discussions are ongoing. The Loan Agreements for NEC03, NEC04 and NEC05 bonds include covenants whereby NEHI is to maintain equity of minimum USD 36 million and an “Equity to Capital Employed Ratio” of at least 30%.

Norse Energy has total contingent resources of 3.9 TCF (~700 MMBOE) at the end of 2010. The Company has a significant land position of 180,000 net acres in New York State.

IMO and FWIW.

[reaper247]

Natural Gas news.

(edited for space and content. Full story at link.)

http://www.washingtonpost.com/blogs/ezra-klein/post/getting-ready-for-a-wave-of-coal-plant-shutdowns/2011/08/19/gIQAzkZ0PJ_blog.html

Posted at 12:19 PM ET, 08/19/2011

Getting ready for a wave of coal-plant shutdowns

…Over the next 18 months, the Environmental Protection Agency will finalize a flurry of new rules to curb pollution from coal-fired power plants. Mercury, smog, ozone, greenhouse gases, water intake, coal ash—it’s all getting regulated. And, not surprisingly, some lawmakers are grumbling…

…CRS notes that many of the plants most affected by the new EPA rules were facing extinction anyway: “Many of these plants are inefficient and are being replaced by more efficient combined cycle natural gas plants, a development likely to be encouraged if the price of competing fuel—natural gas—continues to be low, almost regardless of EPA rules.”…

IMO and FWIW.

[reaper247]

Here is a couple of links for anyone interested.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63681567

http://esogis.nysm.nysed.gov/esogis/search.cfm?c=a&t=xloc~g~-75.7954170189&t=xloc~l~-75.3617029811&t=yloc~g~42.5313552734&t=yloc~l~43.1226447266&oc=1&pg=1

IMO and FWIW.

[reaper247]

http://www.longislandpress.com/2011/07/01/nys-hydrofracking-moratorium-ends-dec-to-issue-report/

(full story at link)

NYS Hydrofracking Moratorium Ends, DEC Issues Report
By Jaclyn Gallucci on July 1st, 2011

It looks like the controversial gas drilling practice of hydraulic fracturing or “hydrofracking” will soon get the green light in New York State–but with limits.

The New York State Department of Environmental Conservation was given time to review gas drilling technology and develop new permitting rules last year, putting a de facto moratorium in place on hydrofracking in New York. But that moratorium ends today, as the NYS DEC releases details of its recommendations, which would keep the process away from key watershed areas and aquifers, but would also allow hydrofracking on private lands making up about 85 percent of the Marcellus Shale

IMO and FWIW.

[daytona45]

what caused this spike?