Northern Petroleum Awarded Papekop License in the Netherlands

Northern's subsidiary NP Netherlands B.V. has been informed that the Mining Council of the Netherlands, the Mijnraad, has recommended to the Minister of Economic Affairs that the Papekop license be awarded to NPN.

Following the decision of the Mijnraad, NPN is initiating detailed engineering work for the development of the Papekop oil and gas field which was discovered in 1986 by Nederlandse Aardolie Maatschappij B.V ("NAM"). Following recent studies, the field is now estimated to contain proven plus probable recoverable reserves in excess of 20 billion cubic feet of gas and 10 million barrels of oil.

Upon grant of a Production License the Netherlands state oil company has the right to elect to be a 40% full paying partner in the license.


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