Updated Engineering Report Credits Nordic Oil and Gas with Higher Reserves,
25% Increase in Valuation at Lloydminster
Nordic Completes Drilling Of New Viking Well At Joffre
Total Proved + Probable Reserves of heavy oil as at October 1, 2009, have increased to 888 MSTB*, compared to 805 MSTB at the beginning of 2009 and 540 MSTB in the prior year. This is broken down as follows: - Total Proved Reserves: 447 MSTB (compared to 395 MSTB as at January 1, 2009) - Total Probable Reserves: 440 MSTB (compared to 410 MSTB as at January 1, 2009)
As a result, the revised Reserves and Engineering Report also states that the Net Present Value of Nordic's estimated future net revenue based on forecast prices and costs before income taxes at 10% has risen nearly 25% since the start of the year to
"This clearly indicates that Nordic continues to display strong production and reserve growth in its key regions,"
In other news,
"The logs show the Viking zone on this new well to be similar to the Viking zone in another well in the same section," he stated. "In the past, wells in this zone have been good producers for us.
"In addition, the logs from this new well are prospective in the Basal Belly River, the Belly River and the
* MSTB - 1,000 stock tank barrels of oil
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 revised evaluation and the classification of the Nordic reserves were conducted by Chapman Petroleum Engineering Ltd. as of
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. 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. 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.
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For further information: For further information: Donald Benson, Chairman & CEO, Nordic Oil and Gas Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, E-mail: [email protected]; Don Bain, Corporate Secretary, Nordic Oil & Gas Ltd., Tel. (204) 229-7751, Fax: (204) 943-1829, E-mail: [email protected]; www.nordicoilandgas.com
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