Norse Energy Announces Decision on Home Rule
2 May 2013
Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway) announces a decision by the Appellate Division of the New York State Supreme Court reaffirming the ability of local municipalities to zone oil and gas drilling activities. The case directly impacts a very small amount of Norse’s acreage in the Town of Dryden (~75 acres), however, the decision could have more applicability if other communities seek similar restrictions and therefore it is likely that an appeal will be sought.
“While the decision is a disappointment, a silver lining could be that Governor Cuomo now has an opportunity to allow the SGEIS to be issued in circumstances where high volume hydraulic fracturing would only take place in communities that actually want oil and gas development to occur”, commented Norse Chief Legal Officer Dennis Holbrook.
The Company has a significant land position of ~130,000 net acres in New York State with certified 2C contingent resources of 951 MMBOE as of 31 December 2012.
For further information, please contact:
Chris Steinhauser, Chief Financial Officer
Office: +1 713 975 1900
S. Dennis Holbrook, Chief Legal Officer
Office: +1 716 568 2048