Norse Energy Corp ADR (NSEEY)

[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.