Update agreement Athabasca

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As previously announced, Nordic Petroleum AS’ fully owned subsidiary Nordic America’s Inc. has signed a ‘Sales and Purchase Agreement’ with Athabasca Resources Ltd. for the Chard licenses subject to the approval Companies’ Boards of Directors. These subjects are now lifted. The approval from the local Canadian authorities remains to be obtained, but is considered to be a formality.

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

Agreement signed Chard

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Nordic Petroleum AS’ fully owned subsidary Nordic America’s Inc. has now signed a ‘Sales and Purchase Agreement’ with Athabasca Resources Ltd. for the Chard licenses. Hereby the deadline of 30. September 2014 for implementation is met. The agreement is subject to the respective companies’ Board of Directors approval, to be lifted no later than 17. October 2014 and the approval of the local Canadian authorities. This means that the defined and agreed working program may be executed during the winter of 2015 as previously planned.

The Chairman comments:
«The Company is pleased that the cooperation with Athabasca has reached another important milestone.»

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

Seismic Carmangay

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Nordic Americas Inc, a Canadian subsidiary of Nordic Petroleum AS , has acquired 20 sq.km 2D seismic on the Carmangay lease in order to obtain more information about the lease and surrounding areas. The seismic will be reprocessed and interpreted in Calgary. More information will be released when the interpretation is ready during the spring 2014. Acquisition and interpretation of seismic is a part of the company’s strategy to develop Carmangay and the seismic is first step and will be the basis for further work on the lease.

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

Update Chard

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Nordic Petroleum AS (Nope) confirms its intent to cooperate with the UK  company Athabasca Resources Limited (ARL) in order to execute the planned  appraisal program for the Chard License in Alberta, Canada to be executed  during the summer of 2014. The transaction is structured as a  farm-out/farm-in agreement, and ARL will cover the full costs of the  program and a cash element and in return obtain 50% of the interest. The  parties have agreed a payment schedule, and April 30th is the date by which  the parties shall have entered into a final agreement covering stated  project. ARL has paid parts of the cash element in order to achieve an  exclusivity ending April 30th unless the final agreement is implemented.

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

Letter of Intent Chard

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Nordic Petroleum has entered into an intentional agreement with a UK company. The agreement aims at a Farm-In agreement and execution of a work program in 2014. The agreement is related to Chard. According to the agreement term payments shall take place and the first payment is executed. The commercial terms are marginally better than the previous Chard agreement. The Agreement shall be fully implemented by April 30 2014.

The Chairman comments:
«I am very pleased that we have entered into this LOI regarding development of the Chard asset. This is important related to the development of Chard and value creation»

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

Intensjonsavtale Chard

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Nordic Petroleum har inngått en intensjonsavtale med et engelsk selskap. Avtalen tar sikte på en Farm-in avtale og gjennomføring av et arbeidsprogram i 2014. Avtalen gjelder Chard. I følge avtalen skal det foretas terminbetalinger og den første er innbetalt. De kommersielle vilkårene er noe bedre er selskapets tidligere avtale for Chard. Avtalen skal være fullt implementert senest 30. april 2014.

Styreleder kommenterer:

«Jeg er svært tilfreds med at vi har fått på plass en intensjonsavtale vedrørende gjennomføring av et arbeidsprogram for Chard. Dette er et viktig skritt i veien videre for utvikling av Chard samt synliggjøring av verdier»

Kontaktperson:
Per Gunnar Løge (tlf 91130847)

Settlement Mercom Oilsands Plc

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Nordic Pertroleum AS’ subsidiary Norwegian Oil Sands Inc. (now Nordic Americas Inc.) and Mercom Oil Sands PLC have amicably settled the dispute over the Chard Farm-In agreement. The settlement has as a result that the Arbitration Proceedings are terminated and all other legal disputes are brought to an end. The Chard Lease remains 100% in the control of Nordic Americas Inc., a fully owned subsidiary of Nordic Petroleum AS. The settlement includes an undisclosed monetary settlement to be paid by Mercom, and the sum has been paid into a client account with Nordic’s lawyers in Calgary.

The Chariman comments:
«I am very pleased to have resolved the case versus Mercom and that we can now focus 100% to develop the Company».

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

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)

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