WINNIPEG, Oct. 7 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today issued
the following update with regard to the Company's drilling initiatives at
Lloydminster, Joffre and Preeceville.
As previously announced, the Company now has six wells on production at
Lloydminster. In addition, the Company is also finalizing the surveying of
three new well locations in the area with drilling expected to commence early
It is anticipated that the Company's recently drilled and cased
Belly River well will come on production in the fourth quarter. Furthermore,
the Company has now received its license to drill a new Viking oil well in
search of sweet, light crude in Joffre. While gas is more extensive in the
region, oil is also prevalent in the area. Drilling is expected to commence
later this month.
The analysis of the open hole logs has been completed on the Company's
14-14 well that was re-entered in September, and it has led the Company to
believe that it should now undertake more sophisticated case hole logs.
"We believe oil is present in the region," Mr. Benson stated. "We saw
extensive staining on the cuttings and the rock samples, however we also
believe that the oil has migrated.
"The data from these well logs has provided us with another 'piece of the
puzzle', which is telling us that we now need to undertake some 3-D seismic in
the area," he added. "Furthermore, we will combine the information that we
receive from the forthcoming case hole logs with the data we secured from the
analysis of the second well we drilled earlier this year, all of which should
provide us with a clearer direction on how best to proceed at Preeceville."
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 is 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.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
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; Don
Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 229-7751, Fax.
(204) 943-1829, E-mail: firstname.lastname@example.org; www.nordicoilandgas.com