Russia registers Norske Energy Joint Venture

Norske Energy has announced it has been informed by The State Registration Chamber under the Ministry of Economy of the Russian Federation that its Joint Stock Company, Norske-Uktha Ltd. has been registered and inserted into the State Register of Commercial Organisations according to the Resolution of the Government of the Russian Federation "On State Registration Chamber under The Ministry of Economy of the Russian Federation."
Norske-Uktha Ltd. Joint Stock Company is a Russian corporate entity owned 50-50 by Norske Energy Corp. and Ukhtaneft. It is intended to exploit and develop a number of oil fields in the Komi Republic of the Russian Federation. Komineft and Komi Tec are shareholders in Ukhtaneft.
According to an Agreement between Norske Energy Corp. and Ukhtaneft, which is subject to Norske's shareholders' approval, Ukhtaneft will become controlling shareholder in Norske in return for certain economic and beneficial interests being assigned to the Joint Venture. A target of 70 mm barrels of recoverable oil has been set for the Joint Venture to recover and market. It is intended to nominate three Russian nationals to the Board of Directors of Norske Energy, assuming shareholders' approval.