Norse provided a third quarter 2011 production and sales update. The Company reported gross production, recorded at its field meter stations, of approximately 6,490 Mcf/d (1,156 BOE) in 3Q-11, a small decrease of 2% from 6,645 Mcf/d (1,184 BOE) in 2Q-11. Gross production volumes, to be reported in the 3Q-11 financial statements, may deviate somewhat from this early estimate. Net volume will also be reported in the 3Q statements. Several wells that had been shut-in were brought back on line in late September. Consequently, current daily gross production is averaging about 7,200 Mcf/d (1,282 BOE). No new wells were brought into production during the quarter.
The Company recently announced plans to suspend Herkimer drilling and reallocate resources towards potentially more profitable Marcellus and Utica Shale development. This decision was validated on September 28th by Chesapeake Energy Corporation's announcement of Utica Shale discoveries in Ohio and Pennsylvania that appear to confirm the huge potential of the Utica Shale in the Appalachian Basin.
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