Norse Energy Corporation

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Norwegian based company with operations in the US.  They own and operate pipeline systems in the northeastern US for gathering and transmission of natural gas.  The CEO is Øivind Risberg.

NY Senate to Suspend Hydro Fracing Permits; Norse's Program Unaffected

On Aug. 5, 2010, the New York State Senate approved a proposal to suspend hydraulic fracturing of gas reservoirs in New York State until May 15, 2011.

"This proposed bill does not affect Norse's strategy of developing our estimated 500 Bcf Herkimer field. Actually, if anything, it could improve our strategic position as I anticipate a time limited moratorium on hydraulic fracturing shale permits would extend our lease term under the force majeure clause and allow us to hold more land with our ongoing Herkimer activity.

Our Herkimer drilling program is fully financed and as we now get back to drilling on our 3D seismic locations in the second half of the year, we anticipate our reserve based lending to further improve our financial position and allow for an acceleration of our Herkimer activity into 2011," said Øivind Risberg, CEO of Norse Energy.

See: Tyler Murphy and Melissa DeCordova. The Evening Sun. May 14-15, 2010. "Pro-natural gas drilling concerns say:We’re in the money"

Picture on the front page shows Norse Energy Vice President Stephen Keyes, City of Norwich Mayor Joseph Maiurano, Village of Sherburne Mayor Bill Acee, Realtor Bruce Beadle, Town of Smyrna Supervisor James Bays, County Planning Director Donna Jones, Commerce Chenango President Maureen Carpenter, County Treasurer William Evans, County Consultant Steve Palmatier and Nornew spokesman Dennis Holbrook receiving  $656,923 worth of "symbolic checks".

The municipality [Norwich, NY] is one of the first in Chenango County to reap the financial benefits of natural gas development on an unprecedented local scale.

Norse Energy Inc., the Norwegian-based parent company of Nornew, has drilled 23 wells in the county, 13 in the Town of Smyrna since 2007.

The check’s amounts were based on the numbers released by the Chenango County Office of Real Property Services on May 1 and reflect the estimated assessed value using last year’s tax rates.