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.
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