WINNIPEG, July 16 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today
announced that that the perforating and testing have been completed at the
Company's second well at Preeceville, Saskatchewan and that the well does not
have any production capabilities. However, the top perforations are being left
open for possible re-entry for shale gas. The service rig is now being
deployed to the Company's 14-14-39-5 W2 well that was drilled in 2005 and was
cased at a depth of 400 metres.
"While we are disappointed that the second well in Preeceville does not
have any production capabilities, we are not wavering in our belief that this
is an oil prone region," Mr. Benson stated. "Samples taken from this latest
well indicated a presence of both asphaltines and wax, two components commonly
associated with oil production.
"When coupled with the fact that in November we announced evidence of oil
seeps was discovered at 34 locations with at least four major areas, including
one extending 400 feet along the Pewei River, we see no reason why we should
not remain bullish on the region," he added.
It is for this reason the Company plans to re-enter its 14-14 well. "This
location was identified back in 2005 based upon thorough analysis of the
seismic data. We tested initially for shale gas, which is why the well was
cased at 400 metres. However, we feel that if we drill down to the basement at
around 1,100 metres, the potential is there for a discovery." The perforations
are being cemented off, and a well license is being applied for.
Mr. Benson also pointed out that exploration drilling does not often
produce successful results from the first few wells: "Witness the Turner
Valley, Alberta discovery" he said. "They drilled many wells before they had
any real success. As such, it very well could take us a few more wells before
we are successful."
Meanwhile, at Lloydminster, the drilling of the third new heavy oil has
been completed. "We will be finalizing these wells and putting them on
production as soon as possible," Mr. Benson said.
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.
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,