Back in July of last year, Nordic, along with its Joint Venture partner, Western Warner Oils Ltd., entered into a strategic development agreement with a major international oil company, whereby Nordic has the opportunity to earn an interest in six townships which that company owns in Preeceville. Plans call for new 3D seismic in the region to be processed and interpreted, which will provide Nordic with key information and data in the selection of its next well location.
"When we first began exploring this region, we were searching for what is known as the Prairie Evaporate Salt Collapse Edge'," Mr. Benson stated. "We now believe we have found the Salt Collapse Edge on our original holdings and these six townships contain a salt cap, which is acting as a trap for oil and/or gas.
"We further believe that with new drilling technology available to us, we will be successful in unlocking the enormous reserves of natural gas that industry consultants have confirmed are in the region, he added. "The test well that we will be drilling will be utilizing specialized equipment on the drilling of the shallower portion of the well, thereby allowing the gas, which we know to be there, to flow."
The Company continues to be bullish about its Preeceville lands, and, "we eagerly anticipate getting back to this region and drilling our test well," Mr. Benson added. "We were certainly buoyed by the fact that we discovered so many oil seeps in the region and although our initial exploration drilling activities in the area did not result in a commercially productive well, the findings that we uncovered gave us considerable optimism for a return to Preeceville."
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