Nordic Petroleum AS – Acquired 100% of Carmangay

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Nordic Petroleum AS has previously farmed in on Carmangay lease thru drilling of one well in 2009. A proper conclusive test was not carried out, however logs indicated potential for both oil and gas. Nordic Petroleum AS’ subsidiary Norwegian Oilsands has now acquired 100% holding in the lease.

The lease is 640 acres (2,6sq.km) and lasts for 5 years or until end of production.

A proper testing program will be prepared with the purpose to establish production potential for the oil and gas zones.

The Chairman comments:
«We are pleased to now hold 100% in Carmangay. The drilling of one well on the lease in 2009 confirmed potential for both the oil and gas zones. Testing of the well will confirm production potential and a successful test with commercial rates will give quick production and cashflow»

Inquiries may be directed to:
Per Gunnar Løge (+47 91130847)