WINNIPEG, Aug. 20 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today
announced that the Company's is now shipping oil from the first of three new
wells at Lloydminster, Alberta.
Testing has been completed at the three wells, all of which are capable
of producing at least 30 barrels of oil per day (BBls/d). In addition, the
Company is currently in the process of testing a fourth well at Lloydminster.
"The start of production at Lloydminster marks a significant milestone
for the Company," Mr. Benson stated. "This represents our first oil production
and lays the foundation for us to bring onto production in the coming weeks,
several additional wells in the area."
Three additional locations have been identified and surveying consent is
in the midst of being obtained.
At Joffre, Alberta, the Company's new Belly River well will be spud on
Thursday, August 21, and drilling should be completed in two or three days.
At Preeceville, Saskatchewan, the Company has received its re-entry
license, allowing it to drill to the basement the well that was originally
drilled in 2005. Arrangements are now being made for a drilling rig to be
deployed to the site at the earliest possible date.
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 and Saskatchewan. The Corporation is listed on the TSX Venture
Exchange and trades under the symbol NOG. Nordic is one of the "2008 TSX
Venture 50" companies, a ranking of the top 10 public venture capital
companies in five industry sectors listed on the TSX Venture Exchange.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in forward looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking
statements include market prices, exploration and drilling success, continued
availability of capital and financing and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and opinions of
the Company's management on the date the statements are made. The Company
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
For further information:
For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, E-mail: email@example.com