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Regulatory News:
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.
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