June 15, 2012
Norse Energy Corp. ASA ("NEC" ticker Oslo Stock Exchange, Norway; "NSEEY" ticker U.S. OTC) advises that Chesapeake Energy's recently reported settlement with the NY Attorney General's office should be viewed in the context of lease issues specific to Chesapeake. The broader question of leases being extended by force majeure due to delays in the issuance of the SGEIS by the NY Department of Environmental Conservation (DEC), remains before the Federal courts in lawsuits that are continuing to be pursued by both Chesapeake and Inflection Energy, respectively.
Norse Energy is not a party to the lawsuits involving Chesapeake and Inflection addressing force majeure. However, Norse declared force majeure over most of its leases in NY not held by production, effective December 2010, when NY Governor Patterson issued an Executive Order prohibiting permitting for high volume hydraulic fracturing until issuance of the SGEIS.
"The Company's typical lease provides for an extension of the lease term under circumstances, which we believe have arisen, as a result of delays in the SGEIS," commented Norse Chief Legal Officer Dennis Holbrook. "Norse looks forward to the day--hopefully soon--when the focus shifts from issues of delay to how successfully and safely we are drilling shale wells under the SGEIS," concluded Holbrook.
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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Norse Energy Corp ASA
J. Chris Steinhauser, +1 716-568-2048
Chief Financial Officer
S. Dennis Holbrook
Cell: +1 716-713-2489
Chief Legal Officer