WINNIPEG, June 4 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today
announced that the second well at Preeceville, Saskatchewan was spud late
yesterday and the surface casing is currently being cemented. It is
anticipated that drilling will take up to eight days to complete.
The Company does not intend to issue any updates during the drilling
process but will do so when drilling is concluded.
In other news, Mr. Benson also stated today that with the heightened
interest in the shale gas play being promoted by others in the region, Nordic
is currently re-evaluating its shale gas well that was drilled in 2006.
"It is being suggested that the recent run-up in the share price of some
of the companies that neighbour our land in Preeceville is due to the
abundance of shale gas in the region," he said. "Our well was perforated in
2006 at four intervals over a period of 10 hours. Management believes that the
Company's consultant should have waited a minimum of 24 hours between
perforation intervals in order to allow the formations to respond to the
"Should there be the inflow that we anticipate, the Company will consider
fracing the various intervals," he added.
Unconventional gas sources are becoming a primary target for exploration
within the Western Canadian Sedimentary Basin, including Nordic's Preeceville
lands. "This region is now being heavily explored and Nordic is right in the
middle of it all," Mr. Benson stated.
Nordic has 6,720 gross acres of five-year P & NG leases in Preeceville
plus a further 101,760 gross acres of P & NG permits. The Company has shot
67 kilometres of seismic in the area and it has identified up to
80 exploration and development drilling locations.
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: firstname.lastname@example.org,