NORDIC OIL AND GAS LTD. EXTENDS DEBENTURE, Dec. 04
Nordic Oil extends Series C debentures for one year
2014-12-04 12:06 ET - News Release
Mr. Donald Benson reports
NORDIC OIL AND GAS LTD. EXTENDS DEBENTURE
Nordic Oil and Gas Ltd. has received the requisite authorization to extend its Series C debentures for a further term of one year to Dec. 6, 2015.
"This is a significant sign of the loyalty and confidence we have from our financial backers," stated Donald Benson, chairman and chief executive officer of Nordic. "We now have the three series of debentures all deferring repayment until November and December of 2015, which gives us the breathing space required to execute our game plan."
Nordic expects that this support will show the market that there is true upside potential for the corporation's share price knowing there is stability in the corporation as a whole.
Funds from the current financing will be used to execute Nordic's strategy of putting the wells on production, which the company has previously expended over $1-million, finally begin to provide Nordic with cash flow. The company has come through a period when low natural gas prices, combined with regulatory restrictions, have affected the amount of natural gas it has produced. Last year, Nordic made a contrarian move to acquire five sections of land in the Noel area of British Columbia when natural gas was out of favour, and the company will now move forward to capitalize on that success. Natural gas prices in Canada are up 100 per cent year over year.
Better days are ahead for Nordic.
Year of the Profit, Oilseeker
PS. the three of us it would be closer to to two mil