Norse Energy forms JV with Stryker for New York drilling campaign

Source: Norse Energy

Norse Energy has formed a joint venture partnership with Stryker Energy for the Herkimer sand in Central New York State. 

Stryker Energy will be a partner in the 2010 Herkimer drilling program in the Appalachian Basin. Stryker Energy will be a 50% working interest partner in the Herkimer 2010 drilling program. Funding has been received from Stryker Energy for the first three wells. Stryker and Norse have mutual options to continue the partnership into 2011. 

Stryker Energy has reviewed our new 3D seismic data which provides full subsurface illumination of Herkimer prospects. Stryker Energy provides further validation of the Herkimer play in Central New York State from an established long term Appalachian Basin oil and gas operator. 

"We welcome Stryker Energy as our partner and we look forward to a successful drilling program," noted Mark Dice, CEO of Norse. Norse and Stryker have successfully explored and developed other Central New York properties under previous joint venture agreements. 

Norse Energy has total contingent resources of ~4 TCF (~713 MMBOE) at the end of 2009. The Company has a significant land position of 180,000 net acres in New York State. The Company also owns a natural gas marketing business and operates pipeline systems in New York and Pennsylvania for gathering and transmission of natural gas.



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