Norse Energy Announces Increased Certified Reserves and Contingent Resources
February 21, 2012
Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) is pleased to announce that it has completed the year end 2011 reserves certification process whereby Schlumberger Data and Consulting Services has certified increased proved reserves and contingent resources as detailed below. The certification process includes reserves and resources that are net of the ~22,700 acre and overriding royalty interest sale that was completed at the end of December of 2011.
Total *1P Proved Reserves as of 31 December 2011 increased from ~34.4 Bcf. to ~43.4 Bcf. compared to 31 December 2010, an increase of ~26%.
Total **2P Reserves as of 31 December 2011 increased from ~41.0 Bcf to ~60.3 Bcf. compared to 31 December 2010, an increase of ~47%.
Total ***2C Contingent Resources as of 31 December 2011 increased from ~3.9 TCF (~697 MMBOE) to ~4.9 TCFE (~880 MMBOE) compared to 31 December 2010, an increase of ~26%. The 2C Resources are located in two regions, Central New York and Western New York.
- Western New York 2C Contingent Resources, newly certified, totaling ~0.9 TCFE (~164 MMBOE) comprise of ~0.7 Tcf of gas (~116 MMBOE) and ~48 MMBbls of oil.
- Central New York 2C Contingent Resources increased from ~3.9 Tcf (~697 MMBOE) to ~4.0 Tcf (~715 MMBOE), an increase of ~3%, inclusive of the divestiture
“These increased reserves and resources are primarily the result of the enhanced geologic understanding and advanced development planning that occurred during 2011,” commented Norse CEO Mark Dice. “Newly certified shale oil resources in Western New York are an exciting addition to our asset portfolio.” commented Dice.
*1P is defined as the sum of proved producing, proved non-producing, and proved undeveloped reserves.
**2P is defined as the sum of proved producing, proved non-producing, proved undeveloped and probable reserves.
***2C is defined as contingent resources where there is a higher degree of uncertainty than proved, probable or possible reserves.
MMBOE – Million Barrels of Oil Equivalent MMBbls – Million Barrels of Oil
TCF – Trillion Cubic Feet of Gas TCFE – Trillion Cubic Feet of Gas Equivalent
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J. Chris Steinhauser, Chief Financial Officer
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