Norse Energy Corp ADR (NSEEY)

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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.

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Contacts

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

IMO and FWIW.