Even in death, Norse's PR spin is emblematic of the disconnect between the actual prospects for shale gas in most of Upstate (terrible) and the PR of the gas industry: that there is a lot of shale worth fracking in New York (Norse could not find any) and that the state moratorium drove the majors away and made Norse go bankrupt (wrong again, most of the majors left the state before the moratorium). Norse crooked its investors and got sued. It crooked the towns it drilled in on road … [Read more...] about Norse Energy: Exhibit A in New York’s Shale Gas Mirage
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First Anschutz sued the Town of Dryden over its fracking ban and lost. So Anschutz bailed on an appeal. Then Chesapeake's lobbyist, Tom West got with Dennis Holbrook to get Norse Energy admitted in Anschutz's place to appeal the case, which he lost. Now Norse Energy is in liquidation and the Trustee is not likely to pursue a futile appeal. Meaning there is no plaintiff - no damages, no claim against the town. So Tom West has to get the New York Supremes to pretend like there is actually … [Read more...] about Nobody v Dryden DOA at Supremes ?
The "Don't Bother to Drill Here" Memo evidently was not translated into Norwegian. . . Ignoring the fact that they could not make a dime on their vertical gas wells, crooked their investors, dodged road use obligations and looked for Shale Love in All the Wrong Fracking Places, Norse blames their thoroughly predictable demise on "political geography" - whatever the frack that is - not geology, which they clearly don't understand. Norse Energy did the fractavists a real favor by testing the … [Read more...] about Norse Energy Blames Bankruptcy on Everyone But Norse
There, I said the obvious. Come to Cornell on October 30th and we will explain in grim detail why Norse went belly up. Why Anschutz didn't bother to appeal the trial court ruling, and now why the fracking lobbyists will have to find another fracking zombie to stand in as a Rent-a-Plaintiff in Somebody With a Pulse vs Dryden. Most of Norse NYS wells were vertical - not subject to the moratorium. Their wildcat tests of the Utica and Marcellus shale were dry holes. In the end, Norse proved to be … [Read more...] about Norse Went Bankrupt Because It Couldn’t Find Any Gas In New York
Norse Energy, the proposed rent-a-plaintiff that is attempting to assume the appeal of Anschutz's suit against the Town of Dryden has become a shell of its former self, selling off most of its assets to pay off its debt, leaving it more hot air than gas in New York state. Norse is a penny stock company with a reputation for being a shoddy operator and a questionable partner. In short, a fairly typical bunch of fracking gas holes. Based on its burn rate, Norse may be out of cash in Q4 if it … [Read more...] about Norse Energy as Zombie Plaintiff
Or natural disasters. So landowners say they want out of the fracking disaster known as Norse Energy, the bankrupt Rent-a-Plaintiff in "John Doe vs Town of Dryden." As soon as the bankruptcy court has read the rulings that invalidates lease extensions based on claims of "force majeure." http://fleased.org/2012/11/18/november-15-2012-ruling-throws-out-force-majeure-claims/ Thanks Norse, you gave New Yorkers a prequel of what a bunch of fracking crooks that crooked frackers really are. … [Read more...] about Norse Energy Claims Their Leases Are Legally The Same As Acts of Terrorism
A New York vulture capital fund has bought Norse Energy's assets, including all of its leases and production for what works out to less than $15 an acre. Norse was the Rent-a-Plaintiff in Rent-A-Plaintiff v Dryden, and is one of the straw man plaintiffs in Fracking Publicity Stunt Paid for by Koch Brothers vs New York State. Neither suit claims monetary damages. Norse has no completed horizontal shale well permit applications in the queue at the DEC, it's only application is short of the … [Read more...] about Vulture Capital Fund Buys Frack Zombie Norse For $15 An Acre
This just in from Brian Brock - Norse Energy's ex CEO has evidently pretended to buy Norse's remaining producing assets - so that Norse can forestall bankruptcy. "These 22,000 ac being sold are held in production by Herkimer and other sandstone wells could be all of Norse's producing properties because I'd guess that they have less than 100 producing wells. They already sold the pipeline and marketing service. Now Norse is also selling ROW for future pipelines and their gathering system. … [Read more...] about Norse Energy Continues to Burn Its House Down to Keep Warm
Update: As of Valentine's Day, Norse lost their DIP financing - meaning they face liquidation. Joe Heath opines on why Norse folded - shoddy business practices that lead to multiple lawsuits When I look at Norse bankruptcy Petition, I find that a large majority of their debt is from law suits, not drilling business costs. Specifically, 3 of their 4 major creditor are from lawsuits, for $19 million, $2.5 million and $2 million respectively, with another ½ million at least from other … [Read more...] about Norse Energy Bankrupt
As a side show of the on-going fracking soap opera, Norse Energy, that tedious Norwegian fracking zombie, now proposes to blame its demise on the Governor of New York, after having blamed every one and everything else (except their own monumental ineptness). The bankruptcy court appointed trustee is planning to squander what little is left of Norse's assets on yet another Fracking Publicity Stunt. Norse Energy Trustee to Blame Cuomo for Bankruptcy A couple of public documents quietly popped up … [Read more...] about Norse Energy To Blame Cuomo For Bankruptcy !