WINNIPEG, Dec. 10 /CNW/ - Donald Benson, President & CEO of Nordic Oil and Gas Ltd. ("the Company" or" Nordic") announced today that drilling and casing of its new 15B-22-50-2-W4 and 4D-24-50-2-W4 heavy oil wells at Lloydminster, Alberta have been completed. This brings to four the number of successful wells the Company has drilled in over the past two weeks as part of its 10-well drilling program at Lloydminster.
Each of the wells has shown good pay levels in the Sparky zones and further testing is being done to determine the viability of possible production from the Dina zone.
"It is anticipated that we could see production levels from the Sparky zone of approximately 15 and 20 barrels of oil per day* at each well," Mr. Benson stated. "This means the possibility of an additional 60 to 80 BOEs(xx) from these four wells alone."
The fifth well in the drilling program, 15B-6-50-1-W4, was spudded on December 9 and is expected to be completed by December 12. The rig will then move to the sixth location at 10B-6-50-1-W4 where drilling is expected to begin by December 13.
"When these two wells are completed, we will then have 14 wells primed for production at Lloydminster, with the likelihood of four more by the end the year or early in 2010," Mr. Benson added. "If all 10 of the newly drilled wells are placed on production in the New Year, we could conceivably see our production at Lloydminster reach approximately 275 to 300 BOEs per day"
In addition, the Company is also considering drilling a horizontal well and is currently investigating the possibility of shooting 3-D seismic over the quarter section target lands.
"As we stated in the past, these new wells will most assuredly add substantially to our 2010 reserves report, which will be undertaken in the New Year," added Mr. Benson.
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.
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.
* The projections in this new release are consistent with the Company's current Reserves and Engineering Report prepared by Chapman Petroleum Engineering Ltd.
(xx) 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 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 & Gas Ltd.
For further information: For further information: Don Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 943-1810, Fax. (204) 943-1829, E-mail: firstname.lastname@example.org, www.nordicoilandgas.com