Nordic Oil & Gas (NOG.V) has announced a settlement in its long standing litigation with its joint venture partner, Desoto Resources Limited, has been reached has been reached in the matter relating to the validity of numerous freehold leases in Joffre, Alberta.
The litigation has been ongoing since 2003. Details of the settlement remain confidential.
Nordic announced that both parties are now able to bring two gas wells on production in the region: 11-13-38-25 W4 well that was drilled in 2007 but was prohibited from producing due to the litigation problems; 11-7-38-24 W4 which will be re-completed in the Belly River and for Coal Bed Methane.
Nordic intends to expand the drilling to as many as eight wells per section
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
