Nornew seeks joint venture to develop Marcellus
OSLO, NORWAY – Norse Energy Corp. announced on Oct. 22 that its U.S. subsidiary, Nornew, Inc., has retained Jefferies Randall & Dewey in the formation of a joint venture to develop the company’s extensive Marcellus and Utica Shale positions in New York.
The company has in excess of 130,000 net acres under lease in Chenango, Broome and Madison counties. Most of this acreage has development potential in both the Marcellus and Utica Shale formations.
The company's acreage position is anchored by a 50-mile plus proprietary transportation and gathering system, presently connected to New York State Energy and Gas company lines and the interstate Dominion transmission system. The transportation and gathering system has potential access to the Millennium pipeline that flows to high-demand gas markets in the 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.
Norse Energy, headquartered in Lysaker, Norway, has oil and gas operations in the United States and Brazil, and also owns and operates pipeline systems in New York.
Jefferies Randall & Dewey is a leading advisor to the global oil and gas energy industry. The company offers its international client base solutions for asset divestitures, corporate mergers and acquisitions, and financing.
The company has in excess of 130,000 net acres under lease in Chenango, Broome and Madison counties. Most of this acreage has development potential in both the Marcellus and Utica Shale formations.
The company's acreage position is anchored by a 50-mile plus proprietary transportation and gathering system, presently connected to New York State Energy and Gas company lines and the interstate Dominion transmission system. The transportation and gathering system has potential access to the Millennium pipeline that flows to high-demand gas markets in the 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.
Norse Energy, headquartered in Lysaker, Norway, has oil and gas operations in the United States and Brazil, and also owns and operates pipeline systems in New York.
Jefferies Randall & Dewey is a leading advisor to the global oil and gas energy industry. The company offers its international client base solutions for asset divestitures, corporate mergers and acquisitions, and financing.
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