norwegian energy co as (NOR) Snapshot

Norwegian Energy Company AS announced production results for the month ended May 2013. For the month, the company produced 5,193 barrels of oil equivalents (boe) per day. Net realized price in January was USD 101 per boe after adjustments for inventory.

Norwegian Energy Company AS reported earnings results for the first quarter ended March 31, 2013. For the quarter, EBITDA (earnings before interest, tax, depreciation and write downs) in first quarter 2013 amounted to a loss of NOK 165 million, compared to a loss of NOK 147 million in the first quarter 2012. The net result was a loss of NOK 273 million, compared to a loss of NOK 127 million for the first quarter of 2012. The Group had revenues of NOK 216 million in the first quarter of 2013, an increase of 19% compared to the first quarter of 2012. Production in the first quarter was 4,042 boe per day, up from 2,893 boe per day for the same period last year.

The Board of Norwegian Energy Company ASA announced that Mr. Svein Arild Killingland has been appointed as Chief Executive Officer (CEO) of the company group. Svein Arild Killingland will take office on 13 May 2013. Svein Arild Killingland (57) was until recently employed as Senior Partner in HitecVision (2010-12). Killingland has previously held positions in Statoil, Revus Energy and Wintershall, predominantly within upstream oil and gas business development. Noreco has entered into a resignation agreement with the former CEO Einar Gjelsvik which implies that Gjelsvik will be available for Noreco and the new CEO in an interim period.