Norse Energy has been informed by Spice/Paris that it no longer intends to proceed with the proposed asset transaction in the Barnett combo play in Texas at this time. The Spice/Paris notice was delivered to Norse after the close of business on Wednesday, March 24, 2010 Central European time.
Reference is made to stock exchange notifications on February 26 and March 1, 2010, describing the LOI under which Norse Energy Corp ASA were to acquire substantially all assets in Strategic Petroleum Investment Consultants Enterprise Inc, Paris Oil & Gas Corporation and Eleon Operators LLC for US $70 million with payment in shares and cash.
As described in previous stock exchange notifications, the proposed transaction was -inter alia- subject to approval by an Extraordinary General Meeting called for on April 6, 2010. As the parties have agreed not to proceed with the proposed transaction, this EGM has now been cancelled.
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