Revenue for the first nine months of 2005 totaled $1,028,509 down from the $1,340,255 reported for the same period in 2004. This year's total includes $936,938 in oil and gas revenue, compared to $1,152,736 during the first nine months of 2004. Total assets as at September 30, 2005 were $3,032,283 up approximately $500,000 from the $2,578,469 as at the same date in 2004.

The primary reason for the growth in assets to date this year is the increase in Term Deposits to $500,945 from $200,321 a year ago and the increase in accounts receivable to $422,669 versus $233,202 for the same period in 2004. Cash flow before depletion and amortization expenses and stock option expenses totaled $334,338 for the first nine months of the year. The Company recorded a net loss of $46,440 for the nine months under review.

Nordic also announced that the Board of Directors has conditionally approved the issuance of up to 300,000 stock options to officers, directors and specific consultants of the Company. The number of options represents 10% of the 3,000,000 new units that will be issued as a result of the new financing now underway.

“Our cash and cash equivalents continue to remain strong as we near the end of 2005 and this will be substantially supplemented when we close the financing that was recently announced,” stated Donald Benson, Nordic’s Chairman and CEO. “It should also be noted that revenue is expected to increase in the fourth quarter of 2005. We were shut-in for a week in September due to a facilities turnaround, which adversely affected our revenue for the third quarter. Continuous production plus the tie-in of two new wells will result in higher revenue during the fourth quarter.”