Well Producing at 150 MCF/Day
WINNIPEG, Nov. 5 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (TSXV: NOG) ("Nordic" or, "the Company"),
today announced that the Company's 15-12-38-25 W4 well in Joffre, Alberta,
Canada, which has been awaiting the installation of a fluid lift system, has
now been placed on production.
The well was originally drilled and cased in November 2006 into the Basal
Belly River formation and a month later, Nordic announced that the initial
interpretation of the analysis on the well indicated a presence of multiple
gas zones gas in the Belly River formation.
"We are pleased to finally have the fluid lift system in place, allowing
us to bring this new well into production," Mr. Benson stated, adding that
this now brings to seven the number of wells in Joffre that Nordic has on
production. This follows the announcement last week that a fluid lift system
had been installed at the Company's 16-20-38-24 W4 well, also in Joffre.
Current production at the 15-12 well is 150 MCF/day, bringing the total
production in Joffre to 625 MCF/day, which equates to 105 BOE/d/.(*)
"We await the tie-in of four standing wells, which we believe based on
test results, are capable of doubling our current production," Mr. Benson
said. "These tie-ins are to be completed during this quarter, if all goes as
Gas volumes are currently restricted by line pressure, "however we
anticipate that future installation of compression will substantially enhance
our production," Mr. Benson added.
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 term BOEs may be misleading, particularly if used in isolation. A
BOE conversion ratio of 6 Mcf: 1 barrel is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.
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
Corporation 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 Corporation 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
Corporation's management on the date the statements are made. The Corporation
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
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,