Six Wells Now on Full Production; Two Additional Wells Coming On Stream
WINNIPEG, June 5 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or the "Company"), (TSXV: NOG)
today announced that the Company is now producing in excess of 150 barrels of
oil per day (BOPD) from its wells in Lloydminster, Alberta. When combined with
its natural gas and Coal Bed Methane production in Joffre, Alberta, Nordic is
now producing more than 200 BOE/d(*).
"We now have all six of our wells on full production at Lloydminster
following a period when some were down for maintenance," he said. "Our sixth
well at Lloydminster was returned to production yesterday, bringing total
production for the last 24-hour period to 24m3 of oil/day or (150bbl/day). Our
revenue, with current Lloydminster price at $424/m3, equates to $10,000/day.
Clearly, this augurs well for a strong month of June and a very solid second
In the Company's guidance that was issued at the beginning of the year,
Nordic forecast that it would be producing 200 BOPDs of heavy oil from its
Lloydminster wells by the end of the second quarter. "With almost a full month
to go before the end of Q2, we are on track to achieve that goal," stated
Matthew Barnard, the Company's recently appointed Director of Operations at
He also stated that this production number would rise even further before
the end of the quarter as the Company expects to license two additional wells
in Lloydminster next week and bring them on production before the end of June.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of the contents of this News
(*) BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1 barrel is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
This press release contains forward-looking statements with respect to
Nordic Oil and Gas Ltd. Lloydminster property, and matters concerning the
business, operations, strategy, and financial performance of Nordic. These
statements generally can be identified by use of forward-looking words such as
"may", "will", "expect", "estimate", "anticipate", "intends", "believe" or
"continue" or the negative thereof or similar variations. Such forward-looking
statements are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations, including that the estimates
and projections regarding the Lloydminster property are realized.
Forward-looking statements are based on a number of assumptions which may
prove to be incorrect. Unless otherwise stated, all forward looking statements
speak only as of the date of this press release and Nordic does not undertake
any obligation to update such statements except as required by law.
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; Don
Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 229-7751, Fax:
(204) 943-1829, E-mail: firstname.lastname@example.org; www.nordicoilandgas.com