Asset Sale Results and Creditor Committee Motion
26 August 2013
Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway) announces that bidding on its 363 asset sale resulted in less than expected bid values. The Company is now evaluating all of its options, including continuing the 363 sale process.
Also, as part of the bankruptcy proceeding, the creditors’ committee is seeking authority to pursue claims against the parent companies of Norse USA, certain Company officers and directors and others. The Board of Directors of NEC ASA believes these claims to be without merit.
The Company will advise the market of significant developments.
The Company continues to hold a significant land position of ~130,000 net acres in New York State with certified 2C contingent resources of 951 MMBOE as of 31 December 2012.
For further information, please contact:
S. Dennis Holbrook, Chief Legal Officer
Office: +1 716 568 2048