Nordic Oil and Gas intends to undertake two new non-brokered private placement offerings. They will be comprised of up to 20,000,000 units at a price of $0.15 per Unit for gross proceeds of $3,000,000 to various subscribers; and, 2.0 million units at a price of $0.12 per Unit for gross proceeds of $240,000.
"A portion of the funds generated from these two Offerings will be used to drill a new deep test well -- 1,500 meters -- on our Talbot Lake property, with the remainder of the money used to drill an additional seven new heavy wells at Lloydminster," Mr. Benson. "This would pave the way for us to begin our drilling program in Talbot Lake and, will bring to 25 the total number of wells at Lloydminster."
With regard to the seven wells drilled at Lloydminster prior to the end of 2009, the first two that were placed on production, "are producing at levels consistent with our initial projections," Mr. Benson stated. The remaining five wells will be placed on production shortly.
"We continue to anticipate that our production levels will be between 200 and 250 barrels of oil per day(x)(x) when all wells are on production(x)," he added.
Also at Lloydminster, Mr. Benson noted that work continues in preparation for drilling a new horizontal well. "Interpretation of the 3D seismic will be completed in the first quarter and will assist us in determining the first of what will be multiple locations for new horizontal wells to be drilled in the second quarter of this year."
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