N e w Yo r k M a r c e l l u s a n d U t i c a S h a l e s

•130,000 net acres •Oil, natural gas liquids, and dry gas • Access to major pipelines

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Central New York ~97,000 Net Acres Marcellus & Utica Shale Fairways
Domi nion Pipel ine
Tennessee Pipeline EmKey PipeNYS EG P ipeli ne

Norse Acreage Area outline

Marcellus Isopach—Wells & Permits
   

Key Em

on uti tit ect ns j Co Pro

T en nes se

W RO
Mi lle

nn ium

Pip elin e

eP

ipe

line

Extension of prolific Marcellus production in PA Primarily Susquehanna River Basin Access to multiple major transmission pipelines Midstream partnership in place

Lease Highlights  No Pugh Clause  Exploration and Pipeline Rights  Optional Renewals
** ** Includes Norse held by drilled wells, owned minerals and 37.5% WI in deep rights (Utica and deeper) on JV HBP acreage

Norse Energy Corp

713.975.1900

Page 3

Norse Acreage Area Outline

Tennessee Pipeline

Pads and Laterals Marcellus (>2,000’)  260 pads  711 laterals Utica  335 pads  893 laterals
NYS EG P

ipeli

ne

Millennium Pipeline

Tennesse

e Pipeline

Gross Utica Isopach
  
Range Resources Horizontal Test Rex Energy IP 9.2 Mmcf/d Chesapeake IP 6.4 Mmcf/d Chesapeake IP 3.8 Mmcf/d 980 Bbl/d Chesapeake IP 3.1 Mmcf/d 1,015 Bbl/d Chesapeake IP 9.5 Mmcf/d 1,425 Bbl/d Hess IP 11 Mmcf/d Range Resources IP 4.4 Mmcf/d Norse Acreage Area Outline

Regionally thick Point Pleasant and Utica Ideal Depth: 4,500’-8,500’ Extensive Regional 2D and 3D Seismic Data Set
Hunt Vertical Test Seneca Resources Vertical test

Point Pleasant Isopach
Faults modified from Harper, 1989

Norse Energy Corp

713.975.1900

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Western New York ~33,000 Net Acres Liquids Rich Gas and Oil Potential
Seneca Upper Devonian 5,000 Ft. Deep 4.5 MMcf/d Dry Gas Rex Energy Upper Devonian 5,000 Ft. Deep 3 MMcf/d Composition not reported

Doyle #1

Norse Acreage Area outline

Chevron Chesapeake Shell Range Resources

New York Pennsylvania

Seneca Resources EOG Resources EQT Production Chief Oil & Gas CNX Gas EXCO Resources

ET

XTO Energy Ultra Resources

W

DR Y

Stone Energy Rice Drilling PA Gen Energy Rex Energy Carrizo Anadarko E&P Williams Energy Corp of America Cabot Oil & Gas Phillips Exploration Hillcorp Energy

Utica Well Geneseo Well

Marcellus Isopach– Wells & Permits
Range Resources Marcellus 6,000 Ft. Deep 6.4 MMcf/d 1,266 bbl/d ―Super-rich‖ Range Resources Upper Devonian 5,000 Ft. Deep 3.8 MMcf/d Liquids Rich

    

Marcellus with Upside Potential in the Geneseo and other Devonian Shales Located within Devonian Oil and Liquids Rich Thermal Maturity Window On Trend with Established Production in PA Adjacent to Transmission Pipelines Nearby Established Refining Facilities
713.975.1900

Norse Energy Corp

Page 5

Young’s Modulus and Poisson’s Ratio

Doyle #1 Analysis
Gamma Ray NuTech Pay Depth Perm/ Pay Sonic TOC Lithology

Water and Hydrocarbon Saturation

Stress

Perm

OIP

Frac Growth Model

Skaneateles

Oatka Creek

Marcellus 50 ft. 1,050 ft.   
Union Springs

Multiple Devonian shale targets Utica at Ideal Depths  (Ave. 6,500 ft.) Bradford Oil Sands Present  Proven Locally Productive 93 pads 312 laterals

Proposed Development Per Targeted Interval
 

Lease Highlights  No Pugh Clause  Exploration and Pipeline Rights  Optional Renewals

Norse Energy Corp

713.975.1900

170 ft.

Page 6

EXECUTIVE SUMMARY Norse Energy Corporation (“Norse”or the “Company”) is offering the Properties described in this brochure for sale or joint venture. This will be a negotiated deal. It is anticipated that negotiations will be concluded by September 30, 2012. The Properties are subject to prior sale. No offers will be considered that are subject to further reservoir engineering (future production volume or operating cost forecasts), and no offers will be considered that are contingent on financing. Norse reserves the right to reject any and all offers. The effective date of the sale will be coincident with closing. Norse is offering the interests, collectively or separately, in the following Properties in New York:  Marcellus and Utica Shale acreage (Dry Gas) in Broome, Chenango and Madison Counties. Norse controls approximately 97,500 net acres prospective for the Marcellus and Utica Shales. The properties will be offered with an 81.25% net revenue interest. Horizons All Deep (incl. Utica)  Gross Acreage 89,000 23,000 Working Interest Available 100 % 37.5 % Net Acreage 89,000 8,625

Marcellus and Utica Shale acreage (Wet Gas and Oil) in Cattaraugus and Allegany Counties. Norse is selling approximately 33,000 net acres prospective for the Marcellus and Utica Shales. The properties will be offered with an 81.25% net revenue interest. Horizons All Gross Acreage 33,000 Working Interest Available 100 % Net Acreage 33,000

 

Pipeline Right-of-Way (“ROW”). Norse has acquired approximately 150 miles of pipeline ROW in addition to the rights granted under its leases. Seismic data. Norse is selling 500 miles of proprietary 2-D seismic and 70 square miles of proprietary 3-D seismic of which 56 square miles were shot in 2010.

REGULATORY ENVIRONMENT While currently there is a moratorium on operations involving high volume hydraulic fracturing in the State of New York, recent developments suggest that the regulations needed to allow for those operations are approaching completion. Since September 7, 2011, when the New York State Department of Environmental Conservation (DEC) issued the draft Supplemental Generic Environmental Impact Statement (SGEIS) there has been positive feedback from Governor Cuomo’s office. A June 13, 2012 New York Times article referenced sources close to NY Governor Cuomo's office expecting issuance this summer of the SGEIS for the permitting of high volume hydraulic fracturing of Marcellus and Utica shales. The Times' story indicated that certain areas of the state would initially be unavailable for development. Fortunately for Norse, Counties projected to be available for initial development include those where Norse holds the majority of its acreage position. Norse believes that the final SGEIS will be issued in the second half of 2012.

Norse Energy Corp

713.975.1900

Page 7

TRANSACTION PROCESS This will be a negotiated sale. The Properties are subject to prior sale. An offer may be made at any time, but no offers will be considered that are contingent on financing. A draft Purchase and Sale Agreement will be available in the Data Room. Norse reserves the right to reject any and all offers. Negotiations are expected to conclude by September 30, 2012.   Offers may be made for all of the acreage or for any part of the acreage position. In view of New York’s evolving stance on high volume hydraulic fracturing, the Company is willing to structure the sale of the leases as an option with a strike price to be paid later (upon issuance of the SGEIS or upon resumption of permitting) to minimize the upfront cost to the buyer.

Early offers, or expressions of interest leading to early negotiations, are welcome on any of the assets. Norse will give preference to offers leading to a quick closing. A Data Room will be held in Albrecht & Associates’ offices at Pennzoil Place, South Tower, 711 Louisiana, Suite 1600, Houston, Texas, 77002. Parties interested in further information or wishing to visit the Data Room should contact: Harrison Williams Executive Vice President (713) 951-9586 hwilliams@albrechtai.com ONLINE DATA All of the information provided in the Data Room is available in advance from the Virtual Data Room (VDR). These materials include a lease schedule, acreage map, geologic maps and pipeline ROW maps. To request access to the VDR contact Harrison Williams or go to our website at www.albrechtai.com and click on “Current Divestitures”. Instructions to obtain a password will be provided by clicking on ―Request Access to VDR‖. CONTACT INFORMATION Albrecht & Associates Pennzoil Place, South Tower 711 Louisiana, Suite 1600 Houston, TX 77002 Phone: (713) 951-9586 Fax: (713) 658-0654 www.albrechtai.com

Robert A. Albrecht President bob@albrechtai.com

Harrison Williams Executive Vice President hwilliams@albrechtai.com

Norse Energy Corp

713.975.1900

Norse Western New York
4 MMBOE* 113 MMBOE* 72 MMBOE*

117 MMBOE*

New York

lW in ns do at w G e as W in W do in do w w

Oi

Pennsylvania

Co nd e

206 MMBOE* 12 MMBOE* 394 MMBOE*

Norse Central New York
* Internally Estimated Resources

2500 Tanglewilde St. Suite 250 Houston, TX 77063 USA

Phone: (713)975-1900 Fax: (713)975-0221 E-mail: info@norseenergy.com