First Quarter Production and Natural Gas Sales Update
Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) is pleased to announce continued success in its Herkimer Drilling Program and a first quarter 2011 production and sales update.
The Company reports that the first five Herkimer wells drilled in the current program delivered initial production over the first 30 days (IP30) averaging 1,310 Mcf/d, affirming the Company's ability to successfully identify high quality targets using its recently acquired 3D seismic data. Gross production was approximately7,200 Mcf/d (1,282 BOE) in Q1-11, an increase of 13% from 6,300 Mcf/d (1,122 BOE) in Q4-10.
Looking forward, the Company has identified high quality Herkimer prospects on 3D seismic to support all of its planned 30 well 2011 drilling. Four wells have been completed in 2011 to date. The company plans to restart drilling at the end of the “Frost Law” season, which is expected to be around May 1.
About Norse Energy Corp.: Norse Energy is a Herkimer company with significant upside the Marcellus and Utica Shales. At year end 2010 the Company had third party certified total contingent resources of ~4 TCF (~713 MMBOE) of which approximately 3.7 Tcf are in the Marcellus and Utica. The Company has a significant land position of 180,000 net acres in New York State.
For further information, please contact:
Richard Boughrum, Chief Financial Officer
Cell: +1 204 250 9100