WINNIPEG, Aug. 29 /CNW/ - Further to its News Release dated August 24,
2007, where Nordic Oil and Gas Ltd. ("Nordic" or the "Corporation") announced
that the field measurement results from the flow test on the Corporation's
11th well in Joffre, Alberta, Canada showed that the middle Belly River zone
had gas rates of 18.5 10(3)m(3) at between 649.5 metres and 651 metres,
Chairman and CEO, Donald Benson, noted today that the combined 23 10(3)m(3)
for the three intervals within the well that was tested, equates to
"This is an extremely significant number and one that suggests to us that
we have the potential for a very strong producing well," he stated. "Once on
production, this well will have a significant impact on both our production
totals and, of course, our bottom line.
"While we are anxious to bring this well onto production quickly, we also
recognize the wisdom of waiting until gas prices rise, whereupon we can then
realize values that are more meaningful and impactful to the Corporation."
Nordic plans to tie this well into its pipeline system - a distance of
200 metres - and will begin to produce it during the 4th quarter.
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 Company is listed on the TSX Venture Exchange
and trades under the symbol NOG.
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
Corporation 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 Corporation 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 Corporation's management on the date the statements are made. The
Corporation undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or opinions, or
other factors, should change.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
For further information:
For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, E-mail: firstname.lastname@example.org