Nordic talks share rollback, omits Q3 P&L from NR
Nordic talks share rollback, omits Q3 P&L from NR
2015-11-30 09:09 ET - News Release
Mr. Donald Benson reports
NORDIC OIL AND GAS ANNOUNCES Q3 2015 FINANCIAL RESULTS
Nordic Oil & Gas Ltd.'s financial results from operations for its three and nine months ended Sept. 30, 2015, have been filed on SEDAR along with the company's management's discussion and analysis document. The financial statements and the management's discussion and analysis document can also be found on the company's website.
Donald Benson, Nordic Oil & Gas president and chief executive officer, also stated today that management recently visited the site of the company's well at Noel, B.C., which had been recompleted earlier this year. "When we tested the pressure in January it showed 5,450 kilopascals; when we tested it again in March it showed 6,500 kilopascals; however, when we were there earlier this month, the pressure on the well was 7,500 kilopascals, which translates into 1,200 pounds per square inch," he said.
"In addition, there is a column of water in the well which suggests an even higher pressure," he added. The company hopes to begin further testing of the well at the earliest opportunity.
In other news, Mr. Benson also stated today that the board of directors of the company has approved plans for Nordic to undertake a consolidation of its shares, on the basis of up to a one-for-20 ratio. The final ratio will be determined prior to the announcement of the company's next annual general meeting of shareholders.
Mr. Benson also stated that since some of the company's debentures are coming due, "We intend to make the holders an offer to have them extended."
Sorry it was not nice, but it is something that I think we all knew it would happen sooner than later
Year of the Profit, OIlseeker