Growth Through Successful Exploration and Drilling Strategies
The Lloydminster Property
In June 2007 the Company acquired about 1,060 acres of P&NG leases in the Lloydminster region. The lands have been evaluated by an independent petroleum engineering consultant and based on this evaluation, Nordic has been credited with 805 MSTB of total proved plus probable heavy oil reserves.
The property is made up of 26.5 local sub-divisions (LSDs) of land, most of which are located within the Lloydminster Sparky “GP”, “C”, “D” and “McLaren W” pool, at a depth of approximately 675 metres. The Sparky “G” pool has produced 7,268,500 BBLs and the production per well has ranged from 800 BBLs to 422,000 BBLs, with an average of 93,200 BBLs.
In April 2010, the Company formed a strategic alliance with Western Plains Petroleum Ltd., a heavy oil operator based in Lloydminster, whereby Western Plains acquired a 50% interest in the Nordic land and the wells capable of production.
The purchase by Western Plains was subsequently revised in August when they acquired 66 2/3% of Nordic’s Lloydminster assets for a purchase price of approximately $2.9 million. Western Plains is continuing as the operator of the wells in Lloydminster.
Currently, there are 14 wells on production at Lloydminster, producing approximately 270 BOPD (90 BOPD net to Nordic). In addition, Nordic and its new partners plan to drill three new wells in Q1 2011.
Lloydminster Property Map
Other Properties:
The Preeceville / Endeavour Property
The Peace River Arch /Talbot Lake Property
