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)