NEC provides update on financing
September 29, 2011
Reference is made to the press releases dated 16 August 2011 and 13 September 2011, where Norse Energy Corp. ASA ("NEC" or the "Company" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") announced that the Company has held discussions with bondholders and shareholders with respect to a potential future equity covenant breach in its bonds and a potential private placement of shares in the Company.
Since the last update Norse has continued discussions with certain existing shareholders and institutional investors regarding a potential private placement of shares in the Company in combination with a partial conversion of debt to equity. Despite the constructive discussions NEC has not yet reached a solution to refinance the Company. NEC will continue its dialogue with shareholders and bondholders in order to achieve a long term financial solution to the Company and will inform the market of any developments in due course.
For further information, please contact:
J. Chris Steinhauser, CFO
Tel: +1 716 218 4229
Cell: +1 925 286 2819
About Norse Energy Corp.:
At year end 2010 the Company had third party certified total contingent resources of ~3.9 TCF (~700 MMBOE) of which approximately ~3.7 Tcf are in the Marcellus and Utica Shale Formations. The Company has a significant land position of ~180,000 net acres in New York State.