LYSAKER, Norway--(BUSINESS WIRE)--Regulatory News:
Norse Energy Corp. ASA (“NEC” ticker Oslo Stock Exchange, Norway; “NSEEY” ticker U.S. OTC) announces that its US subsidiary, Norse Energy Corp. USA, has appointed a financial advisor, Next Point LLC, to assist the company in obtaining Debtor in Possession (“DIP”) financing. The retention of Next Point is subject to approval by the Bankruptcy Court.
Last week the Company announced that the US subsidiary had filed a voluntary petition for Chapter 11 protection and reorganization under the United States Bankruptcy Code.
The purpose of the “DIP” financing will be to fund the US subsidiary’s operations. Interested parties may contact the Company or its advisor. The Company continues to pursue alternatives to secure funding for the Norwegian parent company, Norse Energy Corp. ASA. The Company has a significant land position of 130,000 net acres in New York State with certified 2C contingent resources of 951 MMBOE as of 30 June 2012.
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