Norse Energy 3Q12: Revenue Down 33%, Waiting on NY Moratorium
Norse Energy is the plucky drilling company still holding on in New York State. MDN has written quite a bit about Norse. They rolled the dice and bet on acreage in New York State (brave people). Norse currently holds some 130,000 acres of leased land in New York. Problem is, there’s no shale gas drilling in New York and there hasn’t been for 4 1/2 years. All of which has caused Norse to do everything but sell off the kitchen table in an effort to “hang in there” until the day New York does finally allow drilling.
Yesterday Norse released their third quarter financial and operational update. Oil and gas revenue for Norse was down 33% from one year ago. The company says they produced less gas, and the gas they did produce was sold for less money (due to the low commodity price) than gas from a year ago, which led to the decrease in revenue.