These new discussions center around Western Plains acquiring a 66 and 2/3% interest in Nordic’s Lloydminster property for a purchase price of $2.9m, 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 unveiled on April 13, 2010, whereby Western Plains was to acquire a 50% participating interest in the Nordic property for an aggregate consideration of $2.2m.
Nordic Oil and Gas chairman and CEO Donald Benson said that the company has secured its surface lease and currently awaits approval from the Department of Environment prior to applying for its well license.
