Norse Energy to sell acreage in central New York

EBR Staff Writer Published 03 January 2012

Norse Energy Corp has entered into an agreement to sell acreage and overriding royalty interests for a cash consideration of $26.7m.

The company will sell leases and fee interests totaling about 22,700 acres in central New York, US.

Norse is selling overriding royalty interests of 2.5% on 24,300 acres that are held by production (HBP) in central New York; 3.75% on 84,000 non-HBP leased and fee acres located in central New York; and 6.25% on 33,000 acres located in western New York.

The company's proved reserves, including those in the Herkimer formation, are not included in this transaction.

Norse CEO Mark Dice said this transaction represents an important first step in providing liquidity for the company and reflects renewed interest in the company's New York acreage.

Norse also retains a significant land position of about 160,000 net acres in New York State.

Source: http://drillingandproduction.energy-business-review.com/news/norse-energy-to-sell-acreage-in-central-new-york-030112

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