Second Quarter Report 2012
Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S. OTCQX symbol "NSEEY") and its subsidiaries ("Norse Energy" or "the Company") today reported results for the second quarter ended 30 June 2012.
Second Quarter Highlights and Subsequent Events
- Completed the sale of its operated production and associated assets (Herkimer assets) on 16 May 2012. In July 2012, operatorship was transferred to the Buyer.
- Completed the bond restructuring as announced in the first quarter, using the proceeds from the sale of Herkimer producing and associated assets to pre-pay USD 34.9 million of principal and accrued interest associated with its bond debt.
- A series of convertible loan agreements in the amount of ~USD 3.5 million were executed with Norse shareholders.
- The Company published its 2011 Annual Statement of Reserves, in which its certified 2C Contingent Resources were 880 MMBOE or 3.9 Tcfge, following the subsequent sale of producing assets in May 2012, Norse retained 777 MMBOE or 4.4 Tcfge.
- As a result of further technical assessments and development planning, the Company currently estimates its 2C Resources are 917 MMBOE or 5.2 Tcfge.
- As of 30 June 2011, the Company's cash balance was ~USD 1.7 million. The current cash position of USD ~3 million as of 15 August 2012 is believed to be sufficient to fund the Company into the fourth quarter of 2012.
- EBITDA for the second quarter was USD -3.5 million compared with USD -5.5 million in Q2-2011.
The second quarter report and presentation are attached and available on the Company's website:
The Second Quarter 2012 Shareholder Presentation will be broadcast from Houston, TX and may be viewed through the following link:
Date: August 15, 2012
Time: 9:00 am CST (Houston); 10:00 am EST (New York); 4:00 pm CET (Oslo)
Viewers are invited to participate in a question and answer period at the end of the presentation.
For further information, please contact:
J. Chris Steinhauser, Chief Financial Officer
Direct: +1 713 975 1900 Ext 105
S. Dennis Holbrook, Chief Legal Officer
Direct: +1 716 218 4210