Norse Energy Corp. ASA has completed the year end 2011 reserves certification process whereby Schlumberger Data and Consulting Services has certified increased proved reserves and contingent resources as detailed below. The certification process includes reserves and resources that are net of the ~22,700 acre and overriding royalty interest sale that was completed at the end of December of 2011.
Total 1P Proved Reserves as of 31 December 2011 increased from ~34.4 Bcf. to ~43.4 Bcf. compared to December 31, 2010, an increase of ~26 percent.
Total 2P Reserves as of 31 December 2011 increased from ~41.0 Bcf to ~60.3 Bcf. compared to December 31, 2010, an increase of ~47 percent.
Total 2C Contingent Resources as of 31 December 2011 increased from ~3.9 TCF (~697 MMBOE) to ~4.9 TCFE (~880 MMBOE) compared to December 31, 2010, an increase of ~26 percent. The 2C Resources are located in two regions, Central New York and Western New York.
Western New York 2C Contingent Resources, newly certified, totaling ~0.9 TCFE (~164 MMBOE) comprise of ~0.7 Tcf of gas (~116 MMBOE) and ~48 MMBbls of oil.
Central New York 2C Contingent Resources increased from ~3.9 Tcf (~697 MMBOE) to ~4.0 Tcf (~715 MMBOE), an increase of ~3 percent, inclusive of the divestiture
"These increased reserves and resources are primarily the result of the enhanced geologic understanding and advanced development planning that occurred during 2011," commented Norse CEO Mark Dice. "Newly certified shale oil resources in Western New York are an exciting addition to our asset portfolio," commented Dice.
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