Company Recognized by TSX Venture Exchange as one of the "2008 TSX
Venture 50 Companies"
WINNIPEG, June 6 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today
announced that after a three-month effort, the Company has received approval
from the Alberta government allowing Nordic to become an operator in the
province of Alberta.
As a result, the Company will now be applying for licenses for its four
new wells in Lloydminster, Alberta and will begin preparing for drilling.
"While drilling is proceeding nicely at Preeceville, we are very
enthusiastic about our Lloydminster property, and we are eager to begin our
drilling program," Mr. Benson stated. "Our annual reserves and economic
evaluation report earlier this year credited us 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.
"We actually feel that this is a conservative estimate," he said. "It is
our view that initial rates per well could be in the area of 30 bopd and that
approximately 43,000 bbls of oil could be recovered from each well on
"This opens up a whole new area for the Company and will complement our
natural gas and Coal Bed Methane production in Joffre, Alberta along with our
potential oil and shale gas plays in east-central Saskatchewan," Mr. Benson
added. "This positions us for what should be an excellent second half of
In other news, Mr. Benson also stated today that Nordic Oil and Gas Ltd.
has been selected as 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.
"This project was initiated to provide awareness to the Canadian
investment community on the quality companies that are listed on the TSXV and
that are using public venture capital to grow their companies," said Kevin
Cowan, President of the TSX Venture Exchange.
The criteria used to determine this select list is based on a formula
comprised of revenue, return on investment, market capitalization growth and
trading volume, as compiled as of December 31, 2007. The TSX Venture 50 will
be published and widely distributed by the Globe and Mail newspaper on
Thursday, June 19, 2008.
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,