Second Quarter 2012 Shareholder Presentation Mark Dice, Chief Executive Officer Chris Steinhauser, Chief Financial Officer Dennis Holbrook, Chief Legal Officer August 15, 2012
A Restructured and Refocused Company Full focus on the New York shale play with total 2C resources of 917 MMBOE* on 130,000 net acres Attractive portfolio of oil and gas projects Development plans require SGEIS passage, expected…
New York Governor Cuomos Recent Remarks Albanys WGDJ-AM Radio Interview, 22 June 2012 New York Governor Cuomo has given the following indications regarding the issuance of SGEIS: We dont have a hard date, but it will be done shortly I…
2nd Quarter Highlights And Subsequent Events Environment, Health & Safety (EHS) No Major Incidents or Accidents Financial Q2 EBITDA USD -3.5 Million Asset Sale of USD 37 Million Restructured Bond Debt; Reduced to USD 21 Million…
Positioned in the Attractive Appalachian Basin The Appalachian Basin is Excellent portfolio of oil and gas emerging as one of the premiere opportunities in the Appalachian Basin oil and gas provinces in the world Proximity to major…
Norse 2C Resources Growing Upside Potential Gas Projects in Central New York Utica Shale Marcellus Shale ** Liquids Projects in Western New York * Marcellus Oil Shale Bradford Oil Sands Upper Devonian Oil Shale Oil * Gas…
New York Oil and Gas Projects Highly Attractive Portfolio CNY Utica Shale Gas Assumptions: 7.0 Million D&C Cap Ex / Well 7.9 Bcf Gas EUR 900 Wells Marcellus Oil Shale WNY Marcellus Oil Shale: PV-10 6.5 Million D&C Cap Ex / Well…
Next Steps Vertical shale core test wells Capex per well USD 2 million Horizontal well flow tests and development wells Capex per well USD 6-7 million Additional 3-D seismic to be considered Shale asset development will…
Financing Required Cash position as of 15 August of USD 3 million Sufficient cash to run operations into Q4 Further financing required for asset development Asset sales Debt Equity 10
Second Quarter 2012 Results Chris Steinhauser, Chief Financial Officer
Income Statement Revenue Through EBITDA Three months ended, June 30, (in USD thousands) 2012 2011 Oil and gas revenue 40 34 Other income 47 41 Total revenues and other income 87 75 Production costs (23) (174) Exploration costs…
Income Statement EBITDA to Net Income Three months ended, June 30, (in USD thousands) 2012 2011 EBITDA (3,500) (5,470) Depreciation (131) (149) Income tax benefit (expense) - (472) Net foreign exchange gain (loss) (614) (99)…
Statement of Financial Position June 30, December 31, (in USD thousands) 2012 2011 Total non-current assets 8,538 42,936 Cash and cash equivalents 1,672 3,955 Total current assets 1,011 25,567 Assets held for sale - - Total…
Statement of Cash Flows Condensed Sources and Uses of Cash - 2012 YTD (in USD thousands) 3,955 Beginning Cash (2,283) Change in cash during the period 1,672 Ending Cash (9,461) Net Income + Depreciation + Discontinued Operations…
Summary Full focus on New York shale play which requires SGEIS issuance expected in the second half of 2012 Attractive portfolio of oil and gas projects having 2C Contingent Resources of 917 MMBOE Cash position of USD 3 million…
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