Skyway status

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Norwegian Petroleum Inc. well Long Coulee:100/16-25-014-22W4/00 in Carmangay south of Calgary preliminary results:

Champion Rig #39 reached the total depth of 1475 m on Saturday 21st February. After mud circulation to remove gas, logs were run to obtain necessary petrophysical data. The logs indicate considerable accumulations of oil and gas. Interpretation is presently being done before testing will be performed from the best pay zones.
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Skyway status

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Drilling of Well Longco 16-25-14-22 in the Carmangay area south of Calgary has started.

Mobilization of the Champion rig and crew took place on Tuesday 17th February in the afternoon local time with drilling start in the evening the same day.
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Status of the Skyway project

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The final preparations for beginning the drilling process have now begun after financing from all parties is in place. This week has been utilized for remaining contract negotiations, and approval of the drilling license in Carmangay, as well as cost acceptance from all parties for carrying out the project. Following this, finalization of engagement contracts with the service and drilling contractors will be done. Drilling is expected to begin during the last half of February.
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Skyway agreements signed. Farm-in on Carmangay with Masters Energy Inc.

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Nordic Petroleum ASA has agreed on a joint venture (JV) agreement with Skyway Resources Inc. and signed a farm-in agreement with Masters Energy Inc., who owns the rights to the area. The field is located in Carmangay area, Alberta, a gas and oil rich area about 80 km south west of Calgary. The area can be drilled, developed and operated throughout the year. The target will be formations between 1600 and 500m depth. The area has existing production and well developed infrastructure, including pipelines to the market.
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SHARE RIGHTS ISSUE ENDED – NOK 6 MILLION SUBSCRIBED

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Despite an extremely turbulent and challenging stock market Nordic Petroleum has conducted and completed the share rights issue at the initial offer price. Total subscriptions amount to 24 million shares at a share price of NOK 0,25 per share. This yields NOK 6 million in gross proceeds from the share rights issue.
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APPLICATION FOR OPERATING LICENSE HAS BEEN PROCESSED AND APPROVED BY THE ALBERTA ENERGY & UTILITIES BOARD CORPORATE COMPLIANCE GROUP

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The Company informed, in the letter dated 14.11.2008, that it had submitted the application for Operating license to the ERCB (Energy Resources and Conservation Board in Alberta). The application has been processed and approved by the relevant authorities. Our wholly owned subsidiary Norwegian Petroleum Inc. now has the necessary approvals to act as Operator for the drilling operations we are planning to conduct. These include, as previously mentioned, the Skyway field with the drilling of one well in January 2009 and the Mega Pyramid fields with three wells during 1Q 2009.
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