WINNIPEG, Aug. 26 /CNW/ - Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the "Company) (TSXV: NOG), announced today that it has executed a sale agreement with Western Plains Petroleum Ltd. ("Western Plains") with respect to the sale of a 66 2/3% interest in the Company's land holdings and heavy oil wells located in Lloydminster, Alberta to Western Plains.
Pursuant to the sale transaction, the Company received the purchase price of $2,933,333, subject to closing adjustments.
Commenting on the completion of the sale transaction, Mr. Benson stated: "Without the availability of bank financing, we had no alternative but to sell some assets. The Company is confident that it will be able to restore its production to its pre-sale level in the coming months, as we will be completing the five standing wells that are ready to come on production. In addition, we will be undertaking a re-entry program with our new partners."
About Nordic Oil and Gas Ltd.
Nordic Oil and Gas Ltd. is a junior oil and gas company engaged in the exploration and development of oil, natural gas and Coal Bed Methane in Alberta and Saskatchewan. The Corporation is listed on the TSX Venture Exchange and trades under the symbol NOG. Nordic was one of the "2008 TSX Venture 50" companies, a ranking of the top 10 public venture capital companies in five industry sectors listed on the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this News Release.
This press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. properties, and matters concerning the business, operations, strategy, and financial performance of Nordic. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and Nordic does not undertake any obligation to update such statements except as required by law.
SOURCE Nordic Oil & Gas Ltd.
For further information: For further information: Don Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. 204-229-7751, Fax: 204-943-1829, E-mail: firstname.lastname@example.org, www.nordicoilandgas.com