WINNIPEG, Sept. 18 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today
announced that the Company has brought two new wells on production at
Lloydminster, Alberta, bringing the total to six now on production in the
region. Average production last week for the six wells totalled 180 barrels of
oil per day (BOPD), or 30 BOPD per well, in line with the Company's
projections given earlier this year.
Overall, the Company now has 12 wells on production in Alberta, including
five natural gas wells and one Coal Bed Methane (CBM) well in Joffre.
Production levels now stand at approximately 260 BOE/D(*), a 225% increase over
the 80 BOE/D reported at the end of the second quarter.
This production number is expected to rise even further during the fourth
quarter, as the Company is currently surveying three new well locations at
Lloydminster, with drilling expected to commence early in Q4. It is
anticipated that each of these wells will also produce in the area of 30 BOPD.
Furthermore, at Joffre, Alberta, the Company's new Belly River well has
been drilled, cased and logged and testing is now underway. As stated
previously, this well should come on production in the fourth quarter. Also at
Joffre, the Company is in the process of obtaining another surface lease and
expects to drill two new wells during the fourth quarter.
"With three more new wells expected in Lloydminster and another two in
Joffre, along with the recently drilled well in Joffre, we should have
18 wells on production in the fourth quarter, resulting in continued increases
in both our production volumes and revenue totals," Mr. Benson stated.
At Preeceville, Saskatchewan, the re-entry of the 14-14 well has been
completed. The well has been drilled and cased and the open hole logs are now
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 is 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 Exchange.
(*)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.
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; Don
Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 229-7751, Fax.
(204) 943-1829, E-mail: firstname.lastname@example.org, www.nordicoilandgas.com