Company Credited With More Than 500,000 Barrels of Heavy Oil in
WINNIPEG, March 26 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or the "Company"), today
announced that the Company has received its 2007 Reserves and Engineering
Report and will be filing its Statement of Reserves and Economic evaluation of
Oil and Gas Properties, consistent with the requirements of Form 51-101,
One of the highlights of the Report is that the Company has been credited
with 540,000 barrels of Proved plus Probable heavy oil in Lloydminster,
including 125,000 barrels of Proved and 25,000 barrels of Probable in five
locations. Thirteen other locations have also been identified with 390,000
barrels of Probable.
This is very exciting news for Nordic, given that the Company has not as
yet started its drilling program in Lloydminster, Mr. Benson stated. "While we
are very pleased at this news, we actually feel that this is a conservative
estimate," he said. "When we commence drilling in the area shortly, this will
assist our engineer in developing future reserves evaluation."
In addition, the Report also stated that for Total Proved Reserves, the
Company has been credited with 857 Million Cubic Feet ("MMscf") of Natural
Gas, which compares to 856 MMscf last year. Total Proved plus Probable totals
1,427 MMscf, comparable to the 1,687 MMscf reported for 2006.
"This is also quite significant given the fact that we entered 2007 with
856 MMscf, produced gas for the entire year, then ended the year with
virtually the same amount of gas," Mr. Benson added.
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: firstname.lastname@example.org