The acquired assets include 23,000 held by production or owned acres and 6,000 Mcf/d of dry natural gas production, 65 mile gathering system and 75 miles of pipeline rights of way in Central New York, US.
Norse will retain 37.5% working interest in the owned acres including the Utica Shale.
Norse CEO Mark Dice said this asset sale provides the cash needed to complete the bond debt restructuring that we announced on 28 February.
"Norse is now much better positioned to create value for shareholders through development of its significant shale resources," concluded Dice.
EmKey Energy will purchase 81m shares of Norse Energy at a price of NOK 0.40 (0.06) under a three year warrant and also construct a new pipeline system in Central New York to transport about 90,000 Mcf/d for 15 years.
US based EmKey Energy is focused on natural gas infrastructure, natural gas production and natural gas marketing.
