Nordic has executed a sale agreement with Western Plains Petroleum with respect to the sale of a 66 2/3% interest in the Company's land holdings and heavy oil wells located in Lloydminster, Alberta to Western Plains.
Pursuant to the sale transaction, the Company received the purchase price of $2,933,333, subject to closing adjustments.
Commenting on the completion of the sale transaction, Mr. Benson stated, "Without the availability of bank financing, we had no alternative but to sell some assets. The Company is confident that it will be able to restore its production to its pre-sale level in the coming months, as we will be completing the five standing wells that are ready to come on production. In addition, we will be undertaking a re-entry program with our new partners."
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