NY gas driller Norse Energy files for Chapter 11

Posted at: 12/07/2012 10:25 AM
By: Associated Press

Bookmark and Share

 

LBANY, N.Y. (AP) - A natural gas drilling company that had counted on tapping the riches of New York's part of the Marcellus Shale has filed for Chapter 11 bankruptcy protection while the state's 4-year-old moratorium on hydrofracking remains in place.
    
Norse Energy Corp., based in Oslo, Norway, announced Friday that its western New York-based U.S. subsidiary had filed a voluntary petition for Chapter 11 reorganization.
    
Norse has 130,000 acres under lease for gas drilling in New York state. But the state Department of Environmental Conservation has had a moratorium on drilling permits since it launched an environmental impact review in 2008.
    
The DEC is developing new regulations for fracking, or high-volume hydraulic fracturing, a controversial technology used to free gas from shale.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
 





WNYT welcomes a lively and courteous discussion as long as you follow the rules of conduct set forth in our Terms of Use. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Use.


Trending Stories