Third Quarter 2012 Shareholder Presentation November 8, 2012 Mark Dice, CEO Chris Steinhauser, CFO Dennis Holbrook, CLO
Important information THIS PRESENTATION (HEREINAFTER REFERRED TO AS THE PRESENTATION) HAS BEEN PREPARED BY NORSE ENERGY CORP. ASA (NORSE OR THE COMPANY) EXCLUSIVELY FOR INFORMATION PURPOSES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE…
Norse Energy Status Update Continuing resource growth Environment, Health & Safety Third-party certified 2C contingent resources of Our top priority 951 MMBOE Attractive and diverse portfolio Both dry gas and liquids, in Central…
Large and growing resource base Certified Resource growth outpaced asset sales Gas projects in Central NY Utica shale Marcellus shale Liquids and Gas projects in Western NY Marcellus oil shale Utica shale Upper Devonian oil…
Resource characteristics Stacked pays providing Western New York Product Diversity Oil / liquids and dry gas resources Bradford Sands Oil 3 mmboe Upper Devonian 100 mmboe Wet Gas Marcellus 76 mmboe Dry Gas Utica 111 mmboe…
Attractive economics at current prices Acreage offering 2,300 wells CNY Utica 950 wells WNY Marcellus 300 wells CNY Marcellus 750 wells WNY Utica 300 wells Assumptions: PV-10 using price strip based on US EIA 2012 energy price…
Recent Results Marcellus, Utica and Upper Devonian 7
New York Regulatory and Legal Update Norse Energy expects SGEIS issuance near year end 2012 New York State Health Department Study is under way as a part of the SGEIS approval process New York State Supreme Court Binghamton…
Business Plan Phase 1: Appraise the quality and frackability of the rocks through coring and logging (USD 2 million per vertical core) Phase 2: Appraise the flow potential using high volume hydraulic fracturing (USD 7 million per…
Liquidity As of 30 September 2012, the Companys cash balance was USD 2.4 million, sufficient to fund the Company into December of 2012 The Company anticipates a post-restructuring cash requirement of USD 1 million per month Without…
Third Quarter Financial Update Chris Steinhauser, CFO
Income Statement Revenue to EBITDA Three months ended, September 30, (in USD thousands) 2012 2011 Oil and gas revenue 26 39 Other income 161 61 Total revenues and other income 187 100 Production costs (31) (24) Exploration costs…
Income Statement EBITDA to Net Income Three months ended, September 30, (in USD thousands) 2012 2011 EBITDA (3,051) (5,134) Depreciation (67) (154) Net foreign exchange gain (loss) 8 282 Gain on warrants & other instruments 2,032…
Condensed Balance Sheet September 30, December 31, (in USD thousands) 2012 2011 Total non-current assets 8,275 42,936 Cash and cash equivalents 2,357 3,955 Total current assets 592 25,567 Total assets 11,224 72,458 Total equity…
Condensed Sources and Uses of Cash 2012 YTD (in USD thousands) 3,955 Beginning Cash (1,598) Change in cash during the period 2,357 Ending Cash (11,005) Net Income + Depreciation + Discontinued Operations 56,421 Net Proceeds from…
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