WINNIPEG, April 1 /CNW/ - Donald Benson, Chairman and CEO of Nordic Oil
and Gas Ltd. (the "Company" or "Nordic"), (TSXV: NOG), and its joint
venture partner, Desoto Resources Limited ("Desoto"), are ecstatic to
announce that the Alberta Court of Appeal has ruled in favour of Nordic
and Desoto in regard to setting aside a Summary Judgment previously
received by Encana Corporation ("Encana").
"This represents a significant decision in our favour, which will now
allow us to proceed to trial in the matter of the validity of numerous
freehold leases in Joffre, Alberta, which were issued by PanCanadian
Petroleum Limited, a predecessor to Encana," Mr. Benson stated.
These valued lands consist of 2.5 sections, which have been proven for
the production of both Natural Gas and Coal Bed Methane (CBM). Current
spacing allows for as many as 12 CBM wells and 12 Belly River Natural
Gas wells to be drilled.
"Perhaps the sweetest highlight of these leases is the fact that they
are subject to only a 15% royalty," Mr. Benson said
"This matter has been a burden to both Nordic and Desoto since 2003 and
we are now looking forward to a final resolution from the courts," he
Nordic and Desoto are seeking damages, including $100 million in
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. Nordic was 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
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
For further information:
Don Bain, Corporate Secretary.
Nordic Oil and Gas Ltd.