Nordic Americas Inc. (100% owned by Nordic Petroleum ASA) has signed an agreement for the purchase of the Mega Pyramid Gas Field. The field lies in the Northwest corner of the Province of Alberta close to the boarder of British Columbia, and South of Rainbow Lake. This area is known for being heavily both oil and gas prone.
The purchase area is fairly large and covers 72 sections, equivalent to 46,120 acres or 190 square kilometers. The area has existing production and infrastructure, and is a part of the “Western Canadian Sedimentary Basin” (WCSB). Northwest of the purchase area, in British Columbia, lies the Beaver River field which Questerre Energy Corporation, one of the winners on Oslo Stock Exchange this year, is operating in cooperation with Transeuro Energy.
Surrounding wells has achieved initial test rates of up to 8.2 MMcf/day (230,000M3/d) and normal production rates from 800 Mcf/day up to 1.5 MMcf/day. The Company, (Nordic Americas Inc.), is presently in the process of obtaining it’s operating license so it may perform all exploration and production operations. All required licenses and permit applications are expected to be approved and granted by the year end and the Company plans is to drill from to 2 – 4 wells in the Mega Pyramid area during the First Quarter of 2009. The probability for achieving commercial production volumes of gas through this drilling program is considered to be high. The gathering systems and processing infrastructure are less than two kilometers in distance which will enhance the commercial viability of the Company’s operations.
Nordic Americas Inc. holds 100% ownership rights of the Purchase Area. The size of the Purchase Area and the potential allows for the Company to consider potential partnerships with other producing companies, through farmouts and joint venture agreements. This could allow Nordic Americas Inc. to obtain significantly higher near term production rates than on a stand-alone basis.
Nordic Americas Inc.
The company “Nordic Americas Inc.” will be a fully owned subsidiary of Nordic Petroleum ASA, and its main task and mission will be to coordinate all activities in the area towards obtaining early and sustained production. Mr. Øistein Nyberg will have a key role in this process as President of the Company, supported by Chief Operating Officer (COO) Mr. Orest Senkiw. Mr. Senkiw has a B.Sc. and P.Eng and has more than 30 years of experience in both the Domestic and International Petroleum Industry
Nordic Petroleum ASA
Fredrikstad Norway/Calgary Canada Sept 25th 2008
For further info please contact Arild Tolfsen, President and CEO,
Celluar : +47 930 99859,