Just got thisAlberta Court of Appeal Rules in Favour of Nordic and DesotoResources Regarding Summary Judgment Previously Received by EncanaCorporation
WINNIPEG, April 1 /CNW/ - Donald Benson,Chairman and CEO of Nordic Oiland Gas Ltd. (the "Company" or "Nordic"),(TSXV: NOG), and its jointventure partner, Desoto Resources Limited("Desoto"), are ecstatic toannounce that the Alberta Courtof Appeal has ruled in favour of Nordicand Desoto in regard to settingaside a Summary Judgment previouslyreceived by Encana Corporation("Encana").
"This represents a significantdecision in our favour, which will nowallow us to proceed to trial inthe matter of the validity of numerousfreehold leases in Joffre,Alberta, which were issued by PanCanadianPetroleum Limited, apredecessor to Encana," Mr. Benson stated.
Thesevalued lands consist of 2.5 sections, which have been proven fortheproduction of both Natural Gas and Coal Bed Methane (CBM).Currentspacing allows for as many as 12 CBM wells and 12 Belly RiverNaturalGas wells to be drilled.
"Perhaps the sweetest highlight of these leases is the fact that theyare subject to only a 15% royalty," Mr. Benson said
"This matter has been a burden to both Nordic and Desoto since 2003 andwe are now looking forward to a final resolution from the courts," headded.
Nordic and Desoto are seeking damages, including $100 million inpunitive damages.
About Nordic Oil and Gas Ltd.
NordicOil and Gas Ltd. is a junior oil and gas company engaged intheexploration and development of oil, natural gas and Coal Bed MethaneinAlberta and Saskatchewan. The Corporation is listed on the TSXVentureExchange and trades under the symbol NOG. Nordicwas one of the "2008TSX Venture 50" companies, a ranking of the top 10public venturecapital companies in five industry sectors listed on theTSX VentureExchange.