Norse Energy Continues Selling Pieces of the Company

Norse Energy, with leased acreage in both the Marcellus and Utica Shales in New York State, has been fighting to keep the company afloat until New York finally allows hydraulic fracturing and they can take advantage of their leaseholds. But to keep holding on, they’ve sold off bits and pieces of their leaseholds, as well as bits and pieces of the company. A few weeks ago they converted $3.5 million of bonds (or debt) into stock (or ownership) of the company (see this MDN story).

Yesterday, we learned they’ve sold off another $12.5 million of the company in another bonds for stock swap deal. And now they’re making the same offer to all of their bondholders: Let’s make a deal—soon.

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