3-D seismic also being shot in Lloydminster in preparation for new horizontal well
WINNIPEG, Dec. 22 /CNW/ - Donald Benson, President & CEO of Nordic Oil and Gas Ltd. ("the Company" or" Nordic") announced today that drilling and casing of its new 15B-06-50-01 W4, 10B-06-50-01 W4 and 6D-24-50-2-W4 heavy oil wells at Lloydminster, Alberta have been completed. This brings to seven the number of successful wells the Company has drilled in over the past three weeks as part of the Company's 10-well drilling program at Lloydminster.
The most recent well - 6D-24-50-2-W4, with pay in the Dina, General Petroleum and Sparky zones - is the strongest of them all.
With the completion of this latest well, Nordic now has 15 wells primed for production at Lloydminster, with the likelihood of the remaining three in the initial 10-well program to be drilled early in 2010.
"We hope to have two of the new wells on production by the end of December and the remaining five on production in January," Mr. Benson added. "As such, we are optimistic that we will reach our projected production targets at Lloydminster of approximately 275 to 300 BOEs per day during the first quarter of 2010*."
Furthermore, the Company is also making preparations to begin shooting 3-D seismic over the quarter section target lands in Lloydminster in preparation for the drilling of a horizontal well. Typically, horizontal wells in the Lloydminster area produce between 100 and 250 BOPd.
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.
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.
* The projections in this new release are consistent with the Company's current Reserves and Engineering Report prepared by Chapman Petroleum Engineering Ltd.
(xx) The term 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 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.
SOURCE Nordic Oil & Gas Ltd.
For further information: For further information: Don Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 943-1810, Fax. (204) 943-1829, E-mail: firstname.lastname@example.org, www.nordicoilandgas.com