Logs show potential for three metres of pay in both Dina & Sparky zones
WINNIPEG, Dec. 2 /CNW/ - Donald Benson, President & CEO of Nordic Oil and Gas Ltd. ("the Company" or" Nordic") announced today that drilling and casing have been completed at the Company's second new well in Lloydminster, Alberta, and that the interpretation of the logs indicate there are several metres of pay in both the Dina and Sparky zones.
Michael Mann, Nordic's Geologist, has reviewed the logs for the 10B-22-50-02 W4 well and double checked them with the logging company's wireline analyst, and states: "They have agreed with me that both the Dina and Sparky zones look prospective and that we should perforate the upper part of the Dina oil zone consisting of 3 metres. In addition, the Sparky also looks to have about 3 metres of pay there."
"This represents an exploration discovery for Nordic in the Dina zone where there should be virgin pressures and the possibility of substantial production," Mr. Benson stated. "We are moving a service rig onto the well and will perforate the Dina zone and test the well's production capability."
The completion of this well will bring to 10 the number of wells to be on production at Lloydminster, "and should substantially add to our reserves report to be completed at year-end," added Mr. Benson.
The rig has been moved as is currently at the next location, where drilling of the third well commenced on Monday.
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 Release.
This press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. properties, 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 properties 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.
SOURCE Nordic Oil & Gas Ltd.
For further information: For further information: Don Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 943-1810, Fax. (204) 943-1829, E-mail: firstname.lastname@example.org, www.nordicoilandgas.com