Norse says fracking moratorium won't affect its strategy

BUFFALO - The New York State Senate’s move to suspend hydraulic fracturing of gas reservoirs in New York State until May 15, 2011 will not affect Norse’s strategy of developing its estimated 500 billion cubic feet Herkimer natural gas field.

The moratorium bill passed Tuesday night halts hydraulic fracturing in all formations, including sandstone wells. Of its 130,000 acreage position, Norse presently holds approximately 26,500 acres, mostly in the Herkimer Sandstone in Chenango and Madison counties. Present estimates of the company’s Herkimer drilling program are for a doubling of acreage held by production by the end of 2012.

The purpose of the bill is to ensure adequate time to review and analyze the effects on the environment of drilling with hydraulic fracturing. The New York State Assembly and then the Governor still have to stamp their approval of the measure before it can become law.

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