Fianancing/ Mercom Oil Sands Plc – Nordic Aquisition Company Ltd.

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The Board has been in contact with selected shareholders in order to finance the planning and preparations of the Chard development program. This financing is estimated to be in place by 7.12.2012.

Mercom Oil Sands Plc (Mercom) announced yesterday that they have been approached by Nordic Aquistion Company Ltd (NAC) regarding the Chard-licenses. Neither Mercom nor NAC have been in touch with Nordic Petroleum AS since last press release was published. Mercom continues to profile the Chard Licenses on its webpage in spite of several requests to change this. Nordic Petroleum AS is consulting its legal advisers related to further steps against Mercom.

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

Termination of agreement with CEO

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The agreement which is the basis for Mr. Arild Tolfsen holding the position as Nordic Petroleum AS’ CEO, is terminated. As a result Arild Tolfsen’s function as CEO is supended as per today. The CEO functions will temporarily be covered by the Board of Directors and all inquiries should be made to Mr. Per Gunnar Løge, Deputy Chairman.

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

MERCOM UPDATE

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With reference to today’s announcement from Mercom Oil Sands;

“The Board of Mercom is aware of today’s statement by Mauricio Trevino Zambrano
a minority holder of Mercom’s ordinary shares, that he has formed a company to
make a bid for Nordic Petroleum ASA and that, if he is successful, he intends
to enter into negotiation with Mercom to sell it a 100% interest in the four
Chard Oil Sands Leases. There is currently no arrangement or understanding
between Mercom and Mr Zambrano, but the Board of Mercom find today’s
announcement an encouraging sign of shareholder support and will follow any
developments with interest.”

Nordic Petroleum did on November 20th receive a letter to this effect, but the letter contained no factual information. The Board of Directors position is that any concrete bid containing proper documentation will be carefully reviewed. Mercom Oil Sands Plc is in breach of contract and has no legal right or interest in the Chard Leases. Nordic Petroleum has asked Mercom to adjust the public information accordingly, but the request is so far ignored.

Oslo, Norway 22.11.2012
Nordic Petroleum AS

Further enquiries, please call Per Gunnar Løge
Deputy chairman and head of negotiations
Mobile : +47 91 13 08 47
E-mail : nop@nop.as

CARMANGAY UPDATE

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One of our two partners in the Carmangay project, Zargon Oil & Gas Ltd., has decided to let the lease expire. Zargon holds the legal rights to the lease and they have decided to focus on their other projects. The Skyway Joint Venture project is thus terminated.

When the lease is surrendered, the authorities will after a while put it up for auction. When this happens we have the possibility to bid for the entire lease.

The lease expiry will only have a limited balance sheet impact.

Fredrikstad, Norway 22.11.2012
Nordic Petroleum AS

Further enquiries, please call Arild Tolfsen
Mobile : +47 93 09 98 59
E-mail : arild.tolfsen@nop.as

UPDATE ON COMPLETION WITH MERCOM OIL SANDS

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Nordic Petroleum AS has granted Mercom Oil Sand Plc. several extensions for completion of the Sales and Purchase Agreement. The last extension period expired October 31st 2012. Mercom Oil Sands Plc. asked for a further extension, and was offered an extension agreement with various options. The offer was given with an acceptance deadline Friday November 9th 16:00 hrs CET. Mercom Oil Sands Plc has failed to respond to the offer within the deadline. Mercom Oil Sands Plc is, hence, in breach of contract. Nordic Petroleum AS and its subsidiaries will take the required legal steps to protect their position.

Nordic Petroleum will immediately implement actions in order to ensure that work on the Chard lease may be progressed.

 

Fredrikstad, Norway 12.11.2012

Nordic Petroleum AS
Further enquiries, please call Arild Tolfsen
Mobile : +47 93 09 98 59
E-mail : arild.tolfsen@nop.as

UPDATE ON COMPLETION WITH MERCOM OIL SANDS

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In a meeting on November 6th 2012 the Board of Directors reviewed the extension proposal from Mercom Oil Sands Plc. The parties are in dialogue and a conclusion is expected by Monday November 12th.

Fredrikstad, Norway 08.11.2012

Nordic Petroleum AS
Further enquiries, please call Arild Tolfsen
Mobile : +47 93 09 98 59
E-mail : arild.tolfsen@nop.as

UPDATE ON COMPLETION WITH MERCOM OIL SANDS

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Further to the notice made on 27th of August 2012, Norwegian Oil Sands has received a proposal for an extension to 30th November with Mercom Oil Sands Plc for the completion of the Sale and Purchase Agreement in relation to our four oil sand leases at Chard in Alberta, Canada. Nordic Petroleum’s Board of Directors is set to convene and consider this proposal.

Fredrikstad, Norway 05.11.2012

Nordic Petroleum AS
Further enquiries, please call Arild Tolfsen
Mobile : +47 93 09 98 59
E-mail : arild.tolfsen@nop.as

Minutes of the Extraordinary General Meeting

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Minutes of the Extraordinary General Meeting for NORDIC PETROLEUM AS

The Extraordinary General Meeting of Nordic Petroleum AS was held on the 30th of August 2012 at 18.00 hrs. The meeting was held at Kasernegaten 47, 1632 Gamle Fredrikstad, and prior to the meeting a short presentation of the company’s status and future plans was given.

Please download the Minutes as pdf here.

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