Norse has resumed its Herkimer sandstone drilling program with the spudding of the first well in its recently announced drilling joint venture with Stryker Energy.
The program has been enhanced with the addition of recently acquired 3-D seismic. The presence of a promoted 50% partner allows Norse Energy to efficiently leverage its significant acreage position by recouping some of its land, 3-D seismic and overhead costs while retaining overriding royalties and a back in after payout.
"We have taken the appropriate time to allow our new 3-D science to lead the way," noted Norse Energy CEO Mark Dice. "Anticipated timely well hookups should provide an early indication of the quality of the program. We look forward to providing an update on November 10, 2010 when our Q3 results are reported," concluded Dice.
Norse Energy controls the drilling rights to approximately 180,000 acres of which ~130,000 acres are located in central New York State in the promising Herkimer Sandstone, Marcellus Shale and Utica Shale fairways.
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