WINNIPEG, Aug. 24 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or the "Corporation"), today
announced that the field measurement results from the two-day flow test on the
Corporation's 11th well in Joffre, Alberta, Canada have shown that the middle
Belly River zone had gas rates of 18.5 10(3)m(3) during a one hour flow test.
The Belly River formation where the measurement was taken was perforated at
between 649.5 metres and 651 metres.
"The gas rate level at the 699.5-metre to 702-metre interval tested at
3.5 10(3)M(3)," Mr. Benson noted. "Given these excellent results, when
combined with the Basal Belly River results, we certainly are optimistic that
this will be a strong producing well for the Corporation."
The Corporation plans to tie this well into its pipeline system -- a
distance of 200 metres -- and will begin to produce it during the 4th quarter
once gas prices rise.
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 Company is listed on the TSX Venture Exchange
and trades under the symbol NOG.
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