Energy Companies

Norse Energy is an interesting company. MDN has written plenty about them. They have 130,000 acres of leases in, of all places, New York State. And they’ve been waiting, along with everyone else, four long years to begin drilling. And they’ve done whatever they can to stay in business, selling off assets, selling ownership slices of the company, floating bonds (debt), obtaining loans—whatever they can.

On one hand you have to have tremendous respect for a company that hangs tough. On the other hand, you want to ask them if they need their heads examined for betting the ranch on the vagaries of New York politicians.

Read More “Norse Energy Continues Stock Sales to Generate Cash”

It looks like today’s “extraordinary shareholder’s meeting” for Marcellus & Utica Shale driller Norse Energy, held at corporate HQ in Norway, has yielded the desired result. As MDN pointed out in our sneak preview of the shareholder presentation (see this MDN story), Norse was pitching existing shareholders on the concept of giving Norse more money to drill because “New York is almost ready to allow drilling” and when that happens, Norse will need the cash to ramp up operations. (Plus, they need the cash to keep going until then.)

Norse just issued a press release that they’ve raised an additional $2 million from existing shareholder Megaron AS, who agreed to a convertible loan. It was a good deal (potentially) for Megaron—they’re getting 10% interest on the loan.

Read More “Norse Sells Another Slice to Shareholder Megaron for $2M”