WINNIPEG, Manitoba - (December 15, 2011) – Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the “Company” or “Nordic”), (TSXV: NOG), and its joint venture partner, Desoto Resources Limited (“Desoto”), is pleased to announce that a settlement has been reached in the matter relating to the validity of numerous freehold leases in Joffre, Alberta.
“After several years of litigation, we are pleased that this matter has finally been resolved,” Mr. Benson stated. “This has been a burden to both Nordic and Desoto since 2003 and we are now looking forward to moving ahead with our plans for the Joffre area.”
A stipulation of the agreement is that all details pertaining to the settlement are to remain confidential between the two parties.
About Nordic Oil and Gas Ltd.
Nordic Oil and Gas Ltd. is a junior oil and gas company engaged in the exploration and development of oil, natural gas and Coal Bed Methane in Alberta and Saskatchewan. The Corporation is listed on the TSX Venture Exchange and trades under the symbol NOG. Nordic was one of the “2008 TSX Venture 50” companies, a ranking of the top 10 public venture capital companies in five industry sectors listed on the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this News Release.
This press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. properties, and matters concerning the business, operations, strategy, and financial performance of Nordic. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and Nordic does not undertake any obligation to update such statements except as required by law.