Norse Energy Holdings Inc., a subsidiary ofNorse Energy Corp. ASA, (Oslo: NEC; OTCBB: NSEEY) plans to sell certain of its midstream assets to Appalachian Transportation and Marketing LLC for a total consideration of $20.7 million. The midstream assets consist of the company's Norse Pipeline LLC, Nornew Energy Supply Inc. and Mid-American Natural Resources LLC.
"With the sale in 2008 of the majority of our production properties in western New York, these midstream assets were no longer core to our exploration and production activities which have focused on the Herkimer sandstone and Marcellus and Utica shale potential of central New York," notes Norse Energy chief executive Mark Dice. "This transaction is reflective of our approach to non-core assets, when the opportunity is presented to divest on favorable terms and remain focused on exploration and production."
Norse Energy has total contingent resources of roughly 4 trillion cubic feet (around 713 million barrels of oil equivalent) at the end of 2009. The company has a significant land position of 180,000 net acres in New York State, of which approximately 130,000 acres are strategically in the Marcellus and Utica shale fairways.
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