WINNIPEG, June 11 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), is pleased to
announce that the Company has discovered oil in two formations at Preeceville,
"The well reached the basement earlier today and we are currently
drilling a further 15 metres of overhole to allow for production," Mr. Benson
stated. "In addition, the logging equipment will be arriving later today."
On Saturday, while drilling was underway, the well was also logged after
the Company discovered live oil on the shaker. "After loosing the first well
due to intersecting a fault, we did not want to loose this well without
logging the interval," he added.
Further news will be released following the interpretation of the logs.
"What is required now is the interpretation of the logs, followed by
perforation of the two formations and production testing to determine
formation pressures and flow rates," Mr. Benson said. "After allowing the
cement to cure for a few days, we will be ready to perforate early next week.
"An oil discovery is what we were looking for, and now the all important
thing to determine is the production capability of the well," he 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 TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
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
Company 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 Company 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 Company's management on the date the statements are made. The Company
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
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,