01/02/2012
January 2, 2012
Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange,
Norway; "NSEEY" ticker U.S. OTC) announces that it has
entered into a definitive agreement to sell acreage and
overriding royalty interests for cash consideration of USD
26.7 million to undisclosed and unrelated buyers.
Norse is selling leases and fee interests totaling
approximately 22,700 acres in Central New York and
overriding royalty interests of (i) 2.5% on 24,300 acres
that are held by production ("HBP") in Central
New York; (ii) 3.75% on 84,000 non-HBP leased and fee acres
located in Central New York; and (iii) 6.25% on 33,000
acres located in Western New York.
Not included in this transaction are the Company's
proved reserves, including those reserves in the Herkimer
Formation.
Upon closing, Norse received USD 21.7 million as the first
installment. The remaining cash consideration of USD 5
million will be held in escrow to allow the buyers adequate
time to conclude confirmatory due diligence, whereupon the
remaining funds will be disbursed to Norse no later than
March 31, 2012.
"This transaction represents an important first step in
providing liquidity for the company and reflects renewed
interest in our New York acreage," commented Norse CEO Mark
Dice. "Norse remains hopeful that the SGEIS approval
process will be complete so that development of our
significant shale resources can commence in 2012,"
concluded Dice.
Following this sale, the Company retains a significant land
position of approximately 160,000 net acres in New York
State of which approximately 110,000 net acres are in the
Marcellus and Utica shale fairway in Central NY.
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
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