WINNIPEG, Aug. 11 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today
announced that the perforating and testing have been completed at the
Company's first two wells at Lloydminster, Alberta and that the results
indicate the wells will produce between 60 and 75 barrels of oil per day
The wells are currently being fitted with the required production
equipment and it is expected that both will be on production in the coming
days. Furthermore, testing will now begin on the third of the three
Lloydminster wells drilled recently, along with the four well bores that the
Company acquired earlier this year.
"When these two new wells come on production, we will nearly double the
Company's overall production totals from approximately 85 barrels of oil
equivalent per day (boes/d(*)) to between 145 and 160 boes/d," Mr. Benson
stated. "This will obviously have a positive impact on our revenue stream for
the balance of the year, and will be enhanced even further once the third
Lloydminster well and the four well bores are evaluated."
At Joffre, Alberta, where the Company presently has its six wells on
production, "we are currently in the process of licensing a new gas well,
which, we anticipate will be drilled in the next few weeks," Mr. Benson added.
At Preecevile, Saskatchewan, the Company has completed the cementing of
the existing perforations at its 14-14 well, which was initially drilled to
400 metres in 2005. The Company is now in the process of applying for a
re-entry license to the basement.
"This location was originally identified back in 2005 as the best
possible candidate for drilling based upon the analysis of the seismic data,"
said Brahm Silverstone, Nordic's consulting geo-physicist. "The seismic data
indicated that this location is on a seismic high with four-way closure."
Upon receiving the re-entry license, "we will arrange for a drilling rig
to be deployed to the site to commence drilling this well to the basement,"
said 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.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
(*)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 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