Bankrupt Norse Energy to Sell NY Leases – Who Will Want Them?

auctionThe “little energy company that could” has become the “little energy company sunk by Andrew Cuomo.” A pair of press releases from Norse Energy Corp. yesterday tell the sad story. Norse, with 130,000 leased acres in New York State (most of it in the Marcellus & Utica Shale) had been hanging on by a thread, waiting for shale drilling to begin. The company filed for bankruptcy last December, clinging to the promise that Cuomo and the state Dept. of Environmental Conservation were about to release new fracking rules (see Norse Energy Hurt by NY Fracking Delay Files for Bankruptcy). If shale drilling had been allowed even starting this spring, there’s a chance Norse could have pulled out of bankruptcy and continued. Alas, the new fracking rules have still not been released, and now Norse will be forced to sell off the only assets it has left: its leases…

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