Norse Energy issued a press release last week to update stockholders and investors on where the company stands with its finances. Bottom line? Unless something changes, the company will run out of money in December. They have $1.5 million in the bank and that will get them through to December. If the people who have loaned them money (floated them bonds) don’t rework the financing, or if Norse can’t come up with more money from somewhere—like now—let’s just say it’s not good news.
Norse is still holding out hope that New York, where they have some 130,000 acres under lease, will finally allow fracking to commence. That gamble (so far) has not paid off. Here’s the Norse statement issued yesterday: