After the last couple of weeks with several new projects and positive developments, we have established a new organization with a simplified and streamlined corporate structure in the group. Our main activity in coming years will be in Canada, and our new organization shows this priority.
Our full owned subsidiary Nordic Americas Inc. will be the overall parent company in Canada. Under Nordic Americas Inc. we have Nordic Mega, Norwegian Oil Sands Corp. and Norwegian Petroleum Inc. In the organizational model we have project and task based companies. This way of doing it is chosen for risk diversification reasons and to identify results within every investment area. This will create a simpler both legal and operative organization, and improved in regards of cooperation with future partners and managing shareholder values.
In the startup phase Øistein Nyberg will be President and Orest Senkiw is our new COO (chief operating officer). For the projects we have hired and continually consider more contracting of skilled personnel within geology, drilling, completion, process and relevant construction of equipment to accomplish and fulfill the Mega Pyramid and Chard projects. As you will see in the organization setup we also have under negotiation a new project, a farm-in agreement within conventional gas and oil. This will likely be signed and result in an early production shortly, we are optimistic in this venture.
Board of directors will be Arild Tolfsen, Chairman, and board members Øistein Nyberg and Dan Horner. Mr Horner is an experienced lawyer and solicitor in Calgary that we have known for a long time and we are happy to welcome him to our team. As our activities increase we will build up all the subsidiaries with any necessary skilled personnel from our existing network of contacts.
Mr Orest Senkiw will lead all the work needed regarding permits for the drilling of wells on the Mega Pyramid and Chard projects. This work is under way and all applications will be executed through own personnel and advisory companies. We anticipate, according to our goals, to have all necessary permits ready by year end of 2008 so drilling can be done during the winter season 2009.
The new organizational set up is structured to secure growth within each separate area, improved control, more efficient management and provide more structured information to shareholders.
Now the investor community will see a more expansive and ambitious Nordic Petroleum ASA.
Fredrikstad, Norway/Calgary, Canada Oct. 10th 2008
Nordic Petroleum ASA
For further info please contact
Arild Tolfsen, Mobile : +47 – 930 99859,
E-mail : firstname.lastname@example.org
Nordic Americas Inc.
Contact for North America is
Mobile : +1 408 656 3613
E-mail : email@example.com