Nordic announced that Western Plains Petroleum has re-opened discussions with Nordic pursuant to Western Plains acquiring an interest in Nordic's land holdings and heavy oil wells in Lloydminster, Alberta.
These new discussions center around Western Plains acquiring a 66 and 2/3% interest in Nordic's Lloydminster property for a purchase price of $2,933,333.33, with an intended closing date of August 25, 2010. This represents an increase in both the size of the acquisition and the purchase price from the previous proposal originally announced on April 13, 2010, whereby Western Plains was to acquire a 50% participating interest in the Nordic property for an aggregate consideration of $2.2 million.
"The Company continues to move forward with drilling plans for our new exploration well in the Endeavour/Preeceville region of east-central Saskatchewan," Mr. Benson stated. "The company has secured its surface lease and currently awaits approval from the Department of Environment prior to applying for its well license.
"This is the eighth year we have been exploring in the region and we are most optimistic due to the past indications of oil in our wells to the north and the seismic interpretations which were recently conducted."
The completion of the transaction is subject to receipt of all required regulatory and security holder approvals, including the approval of the TSX Venture Exchange.
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