Norse Energy in Trouble, Wants Bondholders to Become Stockholders
Not long ago, MDN wrote about Norse Energy’s layoff of half of its employees since the beginning of 2011 (see MDN story here). One of MDN’s readers (“BinFranklin”) left a comment stating that “Norse Energy is a company on life support.” It seems it was a perceptive comment. He also said Norse has been selling off assets to keep going—again, accurate.
A new press release issued from the company today talks about Norse’s ongoing efforts to convert some of it’s debt into equity (convert bonds into stocks, handing over bits and pieces of ownership) because they will soon not be able to pay bond holders the payments due on the money they’ve borrowed. The press release, reprinted below in its entirety, basically says, “We’re still working on it but we haven’t done a deal yet.”
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Daniel Yergin, a Pulitzer Prize-winning author and member of President Obama’s energy subcommittee examining shale gas, says the debate about whether or not to drill for shale gas is already over and decided—shall gas drilling is here to stay.
MDN recently reported about two lawsuits filed (so far) in New York State that will set precedent in the state on the issue of whether or not local municipalities (i.e. townships) can ban gas drilling altogether within their borders.
Every time MDN writes about our observation that those who oppose drilling do so from an ideology, we get pushback from the man-made global warming true believers. If you want to believe that man causes global warming, be my guest. But don’t expect me to “go green” so you can feel good about yourself. I don’t believe it—not a word of it. It’s not been proven by any kind of science that stands up to scrutiny. It’s all ethereal theories and conjecture—not real, testable, measurable, objective and verifiable science.
Below are the results of last week’s poll on whether or not local governments should be able to ban drilling.
A rather generic story put out by Reuters yesterday refers to Exxon Mobil’s interest in acquiring acreage in the Utica Shale in Ohio as a new source of oil drilling. Details are sparse about Exxon’s plans, but it points out the white-hot interest there is in Ohio’s Utica Shale since Chesapeake announced in July they have struck oil, as well as natural gas and gas liquids, in Eastern Ohio (