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Nordic Oil and Gas Ltd. entered into a farmout agreement with 6470239 Manitoba Ltd. The agreement provides for the drilling of up to six wells at Tatagwa, Saskatchewan, approximately seven km west of Weyburn.
Manitoba is offering to sell up to 250,000 limited partnership units at $10 per unit for a maximum of $2.5 million. The minimum subscription amount will be $5,000 and is available to qualified accredited investors. Finders who introduce subscribers to the limited partnership may be eligible for a finder's fee of up to 10% of the purchase price of the units purchased by subscribers introduced by such finder.
"Nordic recently acquired 16 km of 2D seismic data over the land and from the analysis of this seismic data, an un-tested look-a-like feature to the nearby Union Jack oil field has been identified," Donald Benson, chairman and chief executive officer, commented. "This feature not only indicates oil potential from the Midale/Frobisher formation but also indicates potential from the un-tested deeper Bakken and Red River formations."