trackingNordic Oil and Gas  Ltd., an oil, natural gas and coal bed methane exploration and development company, has finalized an agreement to obtain a seismic option from a US-based oil company that will lead to the drilling of a new test well in the Bakken Oil Formation in east-central Saskatchewan.

The deal calls for Nordic to purchase three existing 2D seismic lines totaling approximately 15.7 kilometers prior to August 15, 2011.

Following interpretation and analysis of the findings, Nordic will then select a location to commence drilling a new test well. In addition, Nordic is also currently negotiating to obtain additional land in the immediate area, the company said.

"This is an acquisition of significant importance to the company." Donald Benson, chairman and CEO of Nordic stated. "It gives us our first entry into the prolific Bakken region of east-central Saskatchewan and we will be moving forward on this initiative as soon as possible. Of particular significance is the fact that a well drilled less than 15 miles from the acquired land initially produced over 500 barrels of oil per day."

Source: IStockAnalyst

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