Norse Energy Announces Supplemental Generic Environmental Impact Statement Release Date is Scheduled for 1 July Release
Date 30 June 2011
Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) is pleased to provide information about the Supplemental Generic Environmental Impact Statement (the “SGEIS”) from the New York State Department of Environmental Conservation (the “DEC”).
“The Department of Environmental Conservation (DEC) tomorrow will release its revised recommendations on mitigating the environmental impacts of high-volume hydraulic fracturing (high-volume fracturing),“ the DEC said in a press release today. “The complete 2011 SGEIS will be available on DEC's website on July 8.”
According to the DEC announcement, a 60-day public comment period will commence in August. No permits may be issued until the public comments are reviewed and considered and the final Supplement Generic Environmental Impact Statement is released.
The full DEC press release can be found at the following link:
http://www.dec.ny.gov/press/75403.html
“Norse Energy fully supports the DEC and their evaluation of high volume hydraulic fracturing. This forward progress on the SGEIS release date and a 60-day public comment period beginning in August is excellent news for Norse Energy and its stakeholders. Approximately 95% of our Company’s contingent resource value is in shale which will require hydraulic fracturing to develop commercially. Beginning to drill shale wells may now become a reality for Norse Energy in 2012,” according to Mark Dice, Chief Executive Officer.
Norse Energy has total contingent resources of 3.9 TCF (~700 MMBOE) at the end of 2010. The Company has a significant land position of 180,000 net acres in New York State.
For further information, please contact:
Richard Boughrum, Chief Financial Officer
Cell: +1 714 520 1702
Email: rboughrum@norseenergy.com
S. Dennis Holbrook, Executive Vice President
Cell: +1 716 713-2489
Phone +1 716 713-2489
Email: dholbrook@norseenergy.com