Norse Addresses NY Times SGEIS Update
June 14, 2012
Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) advises that a June 13 New York Times article referenced sources close to NY Governor Cuomo’s office expecting issuance this summer of the SGEIS for permitting of high volume hydraulic fracturing of Marcellus and Utica shale in New York State. Norse has previously advised of a similar timeframe for the anticipated release of the SGEIS.
The Times’ story indicated that certain areas of the state would initially be unavailable for development either due to proximity to fresh water aquifers, other setback restrictions or local bans on drilling. Fortunately for Norse, the Company estimates that only a small portion of its acreage position (~ six percent in central NY and ~ eight percent in western NY) would be impacted by such restrictions.
The Times’ article further indicates that development permits will be initially issued in certain counties, including Broome and Chenango Counties, where Norse holds a majority of its acreage. While the article focuses on the Marcellus Shale, Norse estimates that the Utica Shale contains even larger resource potential in these areas of New York State.
“In the areas of the state where we have traditionally explored for oil and gas, the local support has been substantial,” commented Norse CEO Mark Dice. “It is encouraging that the Governor’s office appears poised to now advance the SGEIS, allowing for the safe and environmentally sound development of this valuable natural resource”, concluded Dice.
Norse Energy now owns or leases approximately 130,000 net acres in New York State of which ~33,000 lies in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lies in the Marcellus and Utica natural gas fairways in Central New York.
For further information, please contact:
J. Chris Steinhauser, Chief Financial Officer
Phone: +1 716 568-2048 Email: csteinhauser@norseenergy.com
S. Dennis Holbrook, Chief Legal Officer
Cell: +1 716 713-2489 Email: dholbrook@norseenergy.com