Norse Energy Considering Sale of Some US Producing Assets

Norse Energy is considering a sale of its gas producing properties in the Medina Field located near Jamestown, New York. The package consists of about 330 existing wells, representing about 80% of the current US gas production. A data room will be opened late September to accommodate prospective buyers, and a decision is anticipated by the end of the year.

The potential sale reflects a strategic shift to focus the resources of Norse Energy on higher-impact gas plays in the Appalachian Basin, and the company expect that production shortfall as a result of the potential asset sale will be compensated fairly quickly by future drilling of horizontal and deep wells.