Pursuant to the sale transaction, Nordic received the purchase price of about $2.93m subject to closing adjustments.
Nordic chairman and CEO Donald Benson said that without the availability of bank financing, Nordic 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,” Benson said.
Nordic is engaged in the exploration and development of oil, natural gas and coal bed methane in Alberta and Saskatchewan.
