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Message: Nordic Oil and Gas Ltd. Update
Nordic Oil and Gas Ltd. Update
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Winnipeg, Manitoba (FSCwire) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation or Nordic”), today announced the Corporation has received notice from the Manitoba Securities Commission that the Corporation has been cease traded in Manitoba. In addition, Nordic has been advised by the B.C. Securities Commission that it is in default for not filing its year-end financial statements.
In 2015 Nordic elected to appoint a new auditor and the firm that accepted the engagement advised it was applying for membership to the association of auditors, which audit public companies. We were advised that they did not get accepted and we have been in discussion with other auditing firms in the last few weeks.
The TSX Venture Exchange has put Nordic on notice that we have three months in which to become compliant.
The Corporation intends to review all options, including discussion with debenture holders regarding the best avenue for the Corporation to take. Nordic has been advised by a Calgary based Trustee that marketability of oil and gas assets, which are not of the highest caliber, have recently been receiving no bids when taken to auction. Nordic has lost the leases in Sturgis, Saskatchewan for non- payment of lease rentals leaving the Corporation with its seismic in Saskatchewan, shut in Lloydminster heavy oil wells, shut in natural gas wells in Joffre, Alberta and the Noel North project in British Columbia.
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, Saskatchewan and British Columbia. The company has current production in Joffre, Alberta. The Corporation is listed on the TSX Venture Exchange and trades under the symbol NOG.
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.
For additional information, contact:
Donald Benson, President and CEO
Nordic Oil and Gas Ltd.
E-mail: [email protected]
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Source: Nordic Oil and Gas Ltd. (TSX Venture:NOG)
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Source: Filing Services Canada (May 17, 2016 - 12:36 PM EDT)
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