WINNIPEG, April 23, 2012 /CNW/ - Further to the Company's News Release dated April 20, 2012 - Nordic Oil and Gas Receives 2011 Reserves and Engineering Report; Preeceville/Endeavour Well Valued at $2.66 Million - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. ("Nordic" or the "Company"), today reiterated the significance of the fact that Nordic has been given a Probable Value of $2.66 million for its Preeceville/Endeavour well, drilled in December 2010, and that the overall valuation for the Company's Proved plus Probable reserves (discounted at 10% per year) increased by 102% to $17.94 million, as opposed to the 2010 valuation of $8.88 million.
While the Company is extremely pleased at the increase in valuation of its reserves and the fact that the Preeceville/Endeavour well has now been included, Mr. Benson went on to say, "that we believe our greatest valuation will ultimately come from our Preeceville/Endeavour property, where we have an 80% interest in 31,999 gross acres of P&NG leases with rights to the basement, and a further 138,000 acres of exploration permits in the region."
Overall, the 2011 Reserves and Engineering Report credits Nordic as follows:
- Natural Gas - total Proved plus Probable reserves: 2,889 MMscf ¹ versus the 2010 total of 1,779 MMscf
- Coal Bed Methane - total Proved plus Probable: 1,867 MMscf ¹, up from the 2010 total of 1,254 MMscf
- Light & Medium Oil - total Proved plus Probable: 196 MSTB ², as opposed to 0 MSTB in 2010
- Heavy Oil - total Proved plus Probable: 329 MSTB ² versus 230 MSTB at the end of 2010
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 was 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.
NOTE: The estimated values disclosed do not represent fair market value.
|NOTE:||(1)||MMscf: Millions of standard cubic feet of gas|
|(2 )||MSTB: Thousands of Stock Tank Barrels of oil|
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.
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.
Follow us on Twitter - Thousands do! www.twitter.com/Nordic_Oil
For further information: