Energy Company Selling Leases as Part of Bankruptcy
7/31/2013 (Updated 7:10:35 PM)An energy corporation forced to sell its leases in New York due to the state's de facto Moratorium on fracking.
Norse Energy Corporation USA announced Tuesday it entered an order in US Bankruptcy Court.
The company must sell 130 thousand leased acres of land.
The corporation's chief legal officer says the company has been paying down debt while waiting for the end of the moratorium on fracking. He says in order to meet obligations Norse must sell more assets.
"I think it's extremely unfair for upstate where I grew up because this is a tremendous economic opportunity. It's one we very much needed and anything we can do to encourage this administration in Albany to move the procedure forward, specifically Governor Cuomo, I think is all in our best interest," said S. Dennis Holbrook, Chief Legal Officer at Norse Energy Corporation.
Bids for the land are to be submitted by August 23rd.
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