Norse Energy Adds Vertical Drilling Rig to Expedite Herkimer Drilling Program
Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S. OTCQX symbol "NSEEY") and its subsidiaries (“Norse Energy” or “the Company”) advise that it has secured a drilling rig capable of completing the vertical section of its Herkimer wells.
This vertical rig is expected to decrease drill time and costs for the Herkimer program by using lower cost equipment for the vertical portion of the wells. The Company continues to explore options to add a second rig capable of completing the horizontal portion of Herkimer wells.
“This vertical drilling rig should enhance our capital efficiency and the pace of delivering joint venture wells scheduled for the remainder of this year, as well as those anticipated in 2011,” noted Norse Energy CEO Mark Dice.
Norse Energy controls the drilling rights to approximately 180,000 acres of which ~130,000 acres are located in central New York State in a fairway providing potentially stacked targets in the Herkimer sandstone and the Marcellus and Utica shale formations.
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