Norse Energy announced that its U.S. subsidiary, Nornew, Inc., has retained Jefferies Randall & Dewey, a division of Jefferies & Company, Inc. to advice it in the formation of a joint venture to develop the Company's extensive Marcellus and Utica Shale position in several New York state counties.
Norse Energy has in excess of 130,000 net acres under lease in the New York counties of Broome, Chenango, and Madison, in the central and southern tier of New York State. Most of this acreage has development potential in both the Marcellus and Utica Shale formations. Notably, the Company's acreage position is anchored by a 50-mile plus proprietary transportation and gathering system, presently connected to a large utility company and a major interstate transmission system. The transportation and gathering system has potential access to two additional major transmission pipelines, targeting the high-demand gas markets in the US Northeast.
As Norse Energy's own resources currently are being utilized primarily to develop the Herkimer play, the company believes that the establishment of a joint venture could accelerate the development of the large and potentially very valuable shale exploration acreage, and hence create additional growth and add to shareholder value. Management is evaluating strategic alternatives, and has retained Jefferies Randall & Dewey as advisors in this process.
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