Norse Energy on the Brink of Going Broke

By -

Norse Energy ASA: Financing Update

LYSAKER, Norway--(BUSINESS WIRE)--Norse Energy Corp. ASA ("NEC" ticker code OSE - NEC, Oslo, Norway, U.S OTCQX symbol "NSEEY") today provided a finance update.
Norse Energy has over the last several quarters commented on the status of its cash position.  The Company currently has cash of ~USD 1.5million, which is sufficient to fund the Company’s obligations only into December 2012.
Consistent with previous reporting, the Company remains concerned about meeting its obligations as they fall due. The Company has been and is continuously working on securing new liquidity; however no conclusion has yet been reached. Consequently, there is a risk that the liquidity situation may not be resolved in time to meet the Company’s debt and other obligations. In order to attract new funding, the Company may require a restructuring of and/or concessions from the holders of outstanding debt instruments.
A decision on a summary judgment motion brought by Bradford Drilling in its litigation with Norse is anticipated on or about November 27, 2012. Norse has contested Bradford’s interpretation of the Drilling Program Agreement and Bradford’s seeking of up to $7.65 million. While it is premature to speculate on the outcome, the Company has previously advised (See Note 9 “Contingent Liabilities” in the Company’s 3rd Quarter 2012 report) that approximately USD 3.3 Million remained to be allocated on Bradford's behalf to existing program expenses and future expenses when the program resumes.
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://www.cisionwire.com

Contacts

Norse Energy Corp. ASA
J. Chris Steinhauser, +1 713 975 1900 Ext 105
Chief Financial Officer
csteinhauser@norseenergy.com
or
S. Dennis Holbrook, +1 716 218 4210
Chief Legal Officer
dholbrook@norseenergy.com


Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be...
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividen...
Read more

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more