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Norse Energy Signs LOI, Exclusivity Agreement for Barnett Acreage

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Oslo, Norway-based Norse Energy Corp. ASA recently signed a letter of intent and exclusivity agreement to acquire substantially all assets of Strategic Petroleum Investment Consultants Enterprise Inc, Paris Oil & Gas Corp. and Eleon Operators LLC for $70 million.

The acquisition includes approximately 19,700 acres of oil and gas shale in Texas, with current net after royalty production of approximately 600 boe per day from the Barnett combo play. The Barnett assets include a 4.1% working interest in 32,500 Barnett acres operated by EOG Resources/EnCana.

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