In November, the company said it had $1.5 million in cash, enough to fund its obligations only into December. Then, a New York court ordered Norse to place $7.6 million in an escrow account in a ruling in an ongoing dispute with Buffalo-based Bradford Drilling Associates.
Holbrook said the company ultimately would like to reorganize and attract a qualified industry partner to develop its lease acreage in the Southern Tier, assuming Gov. Andrew Cuomo decides to allow shale gas drilling. A decision may come by the end of February, when new regulations are due to be completed.
"I may be in the minority but I do believe there's light at the end of the tunnel," Holbrook said. "I believe New York is going to allow permitting to move forward."