Nordic Oil and Gas Ltd. Closing of Flow-Through Financing Debentures Extended
Winnipeg, Manitoba (FSCwire) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation or Nordic”), today announced the Corporation has approved the sale of 1,050,000 units consisting of 1,050,000 Flow Through Common Shares and 1,050,000 warrants for proceeds of $21,000.00. The warrants are exercisable at $0.05 for a term of five years. Funds will be used toward the tie in of a well in Joffre where we have today received the final pipeline survey plan and for General and Administrative purposes. We will now be applying to the TSX Venture Exchange to obtain permission to commence an offering on the same terms for the remaining amount the special exemption permits. The closing is subject to the approval of the TSX Venture Exchange.
In other News, we have received the consent from the requisite number of debenture holders to waive any default of our Series “B” Debentures which come due November 21, for a further term of one year. Beginning in January, 2015 we will commence making interest payments on all of our outstanding debentures.
In other news, which will be interesting to NORDIC shareholders, we note that listed company Saturn Minerals Inc announced on November 5 that “ it has executed a Letter of Intent with Bayhorse Silver Inc whereby Bayhorse can earn 50% of Saturn’s 50% interest in the 253,920 acre EP -71 the Little Swan Oil and Gas prospect in Saskatchewan’s Northern Williston Basin” Terms include payments to Saturn totaling $600,000.00, issuance of 500,000 shares of Bayhorse to Saturn and assumption of Saturns 2014/2015 seismic costs on Little Swan for $230,000.00
The Saturn deal bodes well for Nordic that has invested over $6,000,000.00 in this area, as Saturn has sold Bayhorse on the likelihood of oil production from the Red River formation in which Nordic encountered 33API oil in 2011. Saturns current 50% interest in the Little Swan prospect, when they eventually convert to leases, will amount to approximately 31,700 net acres which is about the same as Nordic’s 80% interest in the 59.5 sections Nordic holds to the south of them. We have surrendered our land to the west of Saturn and held onto the current land in part due to the fact our holding is primarily on the prairie and not in the bush where development is more costly stated Mr. Benson. Once we have a committed partner or our own funds from our current operations we will return to what Nordic believes will become the next prolific oil producing area in Canada.
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, Saskatchewan and British Columbia. The company has current production in Joffre and Lloydminster Alberta. The Corporation is listed on the TSX Venture Exchange and trades under the symbol NOG.
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.
For additional information, contact:
Donald Benson, President and CEO
Nordic Oil and Gas Ltd.
Tel. 204-955-5042
E-mail: dbenson57@shaw.ca
Website www.nordicoilandgas.ca
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To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/nordic11142014.pdf
Source: Nordic Oil and Gas Ltd. (TSX Venture:NOG)
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