Norse announced a reallocation of corporate resources to focus on Marcellus and Utica Shale development.
In anticipation that rules allowing the use of high volume hydraulic fracturing to develop natural gas resources in the state of New York will soon be in place, Norse Energy has elected to immediately suspend Herkimer drilling. This will preserve cash for potentially more profitable Marcellus and Utica Shale planning, permitting and development.
Subsequent to release of the draft SGEIS on July 8, 2011, Norse Energy filed its first application for a permit to drill a shale well in New York State using high volume hydraulic fracturing. The permit is expected to be issued when final SGEIS regulations are in place. This strategy transition is expected to facilitate rapid and efficient development of the Company's Marcellus and Utica Shale resources.
"With the SGEIS public comment period expected to begin soon, now is the right time to re-focus the company on the development of shale resources across our extensive acreage position in New York State," said Mark Dice, Chief Executive Officer.
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