Understanding Norse Energy in the Oil and Gas Industry

Norse Energy has a rich history in the oil and gas industry, dating back to its founding in 1997. The company was initially focused on exploring and developing oil and gas resources in the United States.

With its headquarters in New York, Norse Energy was one of the first independent oil and gas companies to be listed on the New York Stock Exchange. This marked a significant milestone for the company, allowing it to raise capital and expand its operations.

Norse Energy's early success was largely driven by its ability to identify and acquire undervalued oil and gas properties. This strategic approach allowed the company to build a strong portfolio of assets and establish itself as a major player in the industry.

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Norse Energy's production from the Herkimer formation concluded at 12 Mmcf/d in 2009.

The company's acreage is prospective for Marcellus and Utica shales, but drilling for these formations is on hold pending final approval of New York State's Supplemental Generic Environmental Impact Statement.

Norse had grown its leasehold to 130,000 acres in Broome, Chenango, and Madison counties in New York by October 2008.

The company drilled two additional wells near Norwich, New York, and built a gathering system there.

Horizontal drilling is permissible in the Herkimer formation as long as the limit of 80,000 gallons per fracture stimulation is not exceeded.

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Norse Energy operates several oil and gas fields, including Manati, which is the company's largest producing field. Manati is a gas field with six wells completed by the end of 2007.

The Manati field is connected to production facilities that sell gas to Brazil, with a production rate of 3,800 barrels of oil equivalent per day (net to Norse Energy) in early 2008. Norse has interests in the gas field, pipeline, gas plant, and production platform.

The Sardinha field, located 50 kilometers south of Manati, has 11 test wells drilled and 2D and 3D seismic surveys conducted to support the results. Norse is in talks with partners to further develop the field for commercialization of its resources.

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Manati is a gas field and Norse Energy's largest producing field. It has six wells that were completed and connected to production facilities by the end of 2007.

The field has reached a production rate of 3,800 barrels per day of oil equivalents (net to Norse Energy) by early 2008.

Norse Energy has interests in the gas field, pipeline, gas factory, and production platform.

Sardinha field is located 50 kilometers south of Manati and has 11 test wells and 2D and 3D seismic surveys conducted to support the results.

Norse is in talks with partners to further develop the field for commercialization.

The environmental license for BM-CAL 5 and 6 blocks was granted in April 2008.

Four prospects have been mapped and permits have been given for the wells Copaiba and Jequitiba in BM-CAL-5 and Peroba and Marfim in BM-CAL-6.

The development of Marfim depends on the results of Peroba.

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Norse Energy Corp. announced on July 8, 2008, that they, along with Petrobras and Queiroz Galvão Oil & Gas and El Paso, had started drilling the Copaiba well, expected to reach 2,800 meters.

On May 22, 2008, Norse Energy reported that Petrobras, the operator on BM-CAL-6, had started drilling the Peroba well, located at 2,800 meters deep.

The Peroba well was reported dry on June 19, 2008, and the rig was moved to BM-CAL-5.

The Coral field is the only one in production among the BS 3 fields, producing 1,200 barrels per day of oil (net to Norse Energy) after water injection.

Norse Energy was awarded three blocks as operator in the ninth licensing round offered by ANP, marking the first time NEC is a license holder as an operator offshore.

The first well in this onshore basin was not commercially viable.

Norse Energy Corp. is shutting down its U.S. operations after converting from Chapter 11 to Chapter 7 bankruptcy.

The company had planned to drill the first hydrofracking well in the deep Utica shale but will now cease operations. Norse will shutter its U.S. affiliates and terminate its final eight employees.

Norse had invested millions of dollars in New York and had planned to bring on 100 good-paying jobs. Instead, they have empty office space and unemployed workers.

The company had $32.6 million in debt and less than $50,000 in assets, according to its bankruptcy filing last year.

Norse has 130,000 acres under lease for gas drilling in New York state, but the state Department of Environmental Conservation has a moratorium on hydrofracking drilling permits since 2008.

The company's application to drill in the Chenango County town of Smyrna has been on hold while the DEC develops new regulations for high-volume hydraulic fracturing.

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Norse Energy's exploration and production strategy was revamped in 2007, where they sold their Medina wells for 67 million dollars to focus on more promising wells.

In 2007, the company successfully drilled 36 wells and had a total of 386 wells, including the 329 Medina wells that were sold. This sale allowed them to focus on more lucrative opportunities.

By 2008, Norse Energy was planning to drill 49 new wells in the US, expanding their operations in the Appalachian region.

In late December, 2010, Norse entered into a second joint venture (JV) with Bradford Drilling Associates.

The JV, known as BDA-29, is an affiliate of Bradford Energy Capital, LLC. BDA-29 paid $9 million for its share of the working interest in 18 Norse wells.

Drilling had already started on one of the wells by the time the JV was formed. All locations had been identified through the use of newly acquired 3-D seismic.

Norse and BDA-29 had a working interest agreement, where BDA-29 was to have 25 to 50% interest in the 18 wells.

Norse Energy has a strong focus on Exploration & Production, with a strategy centered around developing high-potential gas wells.

In 2007, the company shifted its strategy by selling its Medina wells for 67 million dollars to focus on more promising wells. This move allowed Norse Energy to concentrate on areas with greater potential.

By the end of 2007, Norse Energy had successfully drilled 36 wells and had a total of 386 wells, including the 329 Medina wells that were sold. The company plans to drill 49 new wells in the USA in 2008.

Norse Energy has made significant strides in developing wells in the Appalachia region, surpassing the more well-known Marcellus shale formation. The Marcellus shale formation is estimated to hold 50-60 billion cubic feet of gas per square mile.

The company's reworked development strategy has already yielded results, with multiple wells developed in the deeper-lying formations of Appalachia.

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Norse Energy has a significant presence in the USA, particularly in the field of gas pipeline infrastructure.

Their business, Gathering and Transmission, focuses on gas pipeline networks in the USA.

The company had plans to expand its gas pipeline network in 2009.

Norse Energy was formed in 2005 through the merger of Northern Oil ASA and Naturgass (USA) AS.

Northern Oil was established in 1997, making it a relatively young company at the time of the merger.

NaturGass has a rich history, dating back to 1973 when the company Norse petroleum was founded.

The merged company, Norse Energy, had a diverse portfolio of projects, including oil fields off the coast of Brazil and gas pipelines and fields in the USA.

A new development plan for the Estrela Do Mar field was submitted to ANP in late 2007, marking a significant milestone for the company.

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Norse Energy ASA had significant total contingent resources of ~4 TCF (~713 MMBOE) at the end of 2012.

The company owned a substantial land position of ~180,000 net acres in New York State at its height.

Norse Energy operated pipeline systems in New York and Pennsylvania for gathering and transmission of natural gas.

The company also had a natural gas marketing business.

Norse Energy was listed on the Oslo Stock Exchange (OSE) with the ticker code “NEC” and on the U.S. OTCQX with the symbol "NSEEY".

Norse Energy Holdings, Inc. was a subsidiary of Norse Energy Corp. ASA, and it was formerly known as Norse Energy Corp. USA Inc.

Norse Energy Holdings, Inc. filed for Chapter 11 bankruptcy on December 6, 2012, and its voluntary petition was converted to Chapter 7 on October 10, 2013.

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