WINNIPEG, March 6 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today
announced that the Company has acquired four well bores located on leases on
its lands in Lloydminster, Alberta. The well bores were about to be abandoned
as the vendor had lost the mineral rights to the properties.
The Company plans to install pumps and tanks at each well bore location
and will do everything in its power to have these wells on production over the
next 30 to 60 days. Of particular note is the fact that the wells were drilled
over the past 10 years or so.
"Another operator, who owns land adjoining ours, followed a similar
approach to what we are undertaking, and today those lands are producing 80
barrels of oil per day from those well bores," Mr. Benson stated.
Furthermore, the acquisition of these wells bores by Nordic will result
in the Company saving in the area of $750,000 to $800,000 - the cost that
would be associated with the drilling of four new wells in Lloydminster.
In addition, the Company is also currently in the midst of surveying four
other locations in Lloydminster with the intent of commencing drilling as soon
as possible. When completed, the Company anticipates that it will then have
eight wells on production in Lloydminster.
In other news, Mr. Benson also stated today several photos of the
Company's recently acquired compression facility at Joffre, Alberta are being
added to the Nordic website - www.nordicoilandgas.com.
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
Corporation 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 Corporation 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
Corporation's management on the date the statements are made. The Corporation
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