Lease Construction Now Underway at Endeavour; Drilling to Start Next Week
WINNIPEG, Dec. 1 /CNW/ - Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the "Company" or "Nordic"), (TSXV: NOG), is pleased to announce that production from its natural gas and Coal Bed Methane ("CBM") wells at Joffre, Alberta now exceeds 100 BOEs/day*. This is due to the fact that its 3-18-38-24 W4 and 16-20-38-24 W4 Belly River wells, both of which have been undergoing workovers, have been brought back on production.
A compressor has been put on the 3-18 well, while a workover, including new tubing in the well was completed on the 16-20 well. This brings to nine the total number of wells now on production at Joffre, and the Company intends to bring three additional existing wells on in the coming weeks.
"We are pleased to have these two wells back on production after having been down for some time," Mr. Benson stated. "Historically, the 3-18 well has been our best producer in Joffre and we continue to anticipate strong production from this well.
"The timing of putting these wells back on production coincides with seasonally high natural gas prices that usually occur over the next 120 days," he added.
With regard to the Company's new exploration wells to be drilled at Endeavour, Saskatchewan, Mr. Benson noted that construction of the first lease site has commenced in preparation for the start of drilling the first well next week.
"As we stated in our November 30, 2010 News Release, the rig will be transported to the 4-11 well site this coming week-end and we fully expect drilling to commence early next week."
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.
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.
* In certain parts of this document, the term BOE is used. 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.
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