Nordic Petroleum AS’ 100% Canadian subsidiary Norwegian Oil Sands Corp.(NOSC) is party to the Sales and Purchase Agreement with Mercom Oil Sands Plc. On Monday 21 January 2013 NOSC submitted a formal Notice of Arbitration. The Notice was signed as received by Mercom Wednesday 23rd 2013. The Arbitration is a result of failing to achieve an amicable settlement with Mercom. NOSC will seek to be compensated by Mercom for breach of contract. To the extent that possible confindentiality clauses and the arbitration proceedings permit, details of the claims will be made available to the shareholders when proceedings commence. The schedule for the proceedings will be published when available. The Agreement is subject to the laws of Alberta, Canada. There has been no response from Mercom to the final settlement proposal.
Inquiries may be directed to:
Per Gunnar Løge (+47 91130847)