Nordic Oil and Gas has finalized an agreement which will enable it to drill a new test well in the Bakken Oil Formation in east-central Saskatchewan, Canada.
The agreement will allow the company to acquire three existing 2D seismic lines totaling approximately 15.7 kilometers before 15 August 2011.
Nordic will then select a location to commence drilling a new test well, following interpretation and analysis.
The company is also in talks to secure additional land in the immediate area.
Nordic chairman and CEO Donald Benson said the acquisition is of vital importance to the company as it enters in the prolific Bakken region of east-central Saskatchewan.
"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." Benson said.
Nordic Oil and Gas is an oil, natural gas and coal bed methane exploration and development company.