Regulatory News:
Norse Energy Corp. ASA ("NEC" ticker code OSE NEC, Oslo, Norway) and its subsidiaries ("Norse Energy" or "the Company") today reported results for the first quarter ended 31 March 2013. The first quarter report is attached and will be made available on the Company's website: www.NorseEnergy.com http://mb.cision.com/Public/791/9422768/a63eea1668ac4383.pdf
FIRST QUARTER HIGHLIGHTS AND SUBSEQUENT EVENTS
(ALL REFERENCES TO USD IN THIS REPORT ARE IN USD 000's UNLESS THE TEXT INDICATES OTHERWISE)
- Schlumberger, the Company's long-standing Reserves and Resources certification agent, reaffirmed the Company's large resource position of 951 net MMBOE at the end of 2012
- The Company removed its "NSEEY" listing from the OTCQX. The Company's securities remained eligible for U.S. quotation on the OTC Pink Sheet platform.
- The Company's US subsidiaries, Norse Energy Corp. USA and Norse Energy Holdings, Inc., reached an agreement with a Norwegian-based Special Purpose Vehicle funded by certain existing NEC ASA lenders for a USD 3.8 million Debtor in Possession loan
- The Company's Norwegian parent NEC ASA and certain of its bondholders, convertible lenders and management reached a restructuring agreement that will (i) facilitate a comprehensive restructuring of the group's balance sheet and (ii) provide NOK 7.1 Million of new funding for NEC ASA
Norse Energy owns or leases approximately 130,000 net acres in New York State of which ~33,000 lie in the liquids rich shale fairways of Western New York, and the remaining ~97,000 net acres lie in the Marcellus and Utica natural gas fairways of Central New York. Externally certified contingent resources total 951 MMBOE.
This information was brought to you by Cision http://news.cision.com
Contacts:
For further information, please contact:
J. Chris Steinhauser, +1 713 975 1900 Ext 105
Chief Financial Officer Direct
csteinhauser@norseenergy.com
or
S. Dennis Holbrook, Chief Legal Officer
Direct: +1 716 218 4210
Email: dholbrook@norseenergy.com
