WINNIPEG, Aug. 13 /CNW/ - Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the "Company) TSXV: NOG), announced today that Western Plains Petroleum Ltd ("Western Plains") has re-opened discussions with Nordic pursuant to Western Plains acquiring an interest in Nordic's land holdings and heavy oil wells in Lloydminster, Alberta.
These new discussions centre around Western Plains acquiring a 66 and 2/3% interest in Nordic's Lloydminster property for a purchase price of $2,933,333.33, with an intended closing date of August 25, 2010. This represents an increase in both the size of the acquisition and the purchase price from the previous proposal originally announced on April 13, 2010, whereby Western Plains was to acquire a 50% participating interest in the Nordic property for an aggregate consideration of $2.2 million.
"The Company continues to move forward with drilling plans for our new exploration well in the Endeavour/Preeceville region of east-central Saskatchewan," Mr. Benson stated. "The company has secured its surface lease and currently awaits approval from the Department of Environment prior to applying for its well licence.
"This is the eighth year we have been exploring in the region and we are most optimistic due to the past indications of oil in our wells to the north and the seismic interpretations which were recently conducted."
The completion of the transaction is subject to receipt of all required regulatory and securityholder approvals, including the approval of the TSX Venture Exchange.
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: email@example.com, www.nordicoilandgas.com