Norse Energy Fire Sale of 130K Acres in NY

Norse Energy’s big gamble that New York would allow shale gas drilling sooner than now has not paid off and they are throwing in the towel, attempting to find a buyer for their 130,000-acre leasehold in the state.

Norse Energy, once the most active drilling firm in central and southern New York, is putting its land rights up for sale.

The Norway-based company began an effort this week to advertise the availability of its 130,000-acre leasehold in Broome, Chenango and Monroe counties, an area expected with a strong potential for natural gas production in the Marcellus and Utica shale formations.

Norse has fallen approximately $90 million in debt while waiting for regulatory changes in the state that would allow it to begin tapping shale formations for natural gas, according to Dennis Holbrook, the company’s executive vice president.

"We’ve paid a tremendous price for that decision to rely on the process moving forward in New York more timely than it has," he said.*

*Binghamton Press & Sun-Bulletin (Oct 21, 2011) – Norse Energy puts N.Y. land rights for sale

  • Anonymous

    “We’ve paid a tremendous price for that decision to rely on the process moving forward in New York more timely than it has,” he said.*What they’ve paid a tremendous price for was all those wells they drilled in the Herkimer Sandstone that didn’t pan out. Now they want to put the blame on the DEC. And hope they can fool someone else into thinking they can make a profit from drilling NY shale at $4/Mcuft. LOL.  

  • James Northrup

    Norse has helped define where the Marcellus “fairway” is not in New York

  • Area Man

    Spreading your Voodoo Frackonomics again?
    Same outdated recycled maps.  Same links to stories that don’t actually apply (really, follow some of the links cited as “sources/references” – I mean, besides the ones ALSO written by the author of this post).
    One small company bets big on being able to drill in New York, didn’t pan out due to the regulatory environment.  So the next logical step is the geology was not conducive to gas production?  How do you figure?
    Again (and again, and again) you take way too few data points, skew them WAY out of proportion to make a point… why again?

  • James Northrup

    Norse Energy lawyer pretty much all dodge and deny 

    Which is why the industry’s credibility is nil

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