WINNIPEG, Aug. 20 /CNW/ - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today announced that the Company's is now shipping oil from the first of three new wells at Lloydminster, Alberta.
Testing has been completed at the three wells, all of which are capable of producing at least 30 barrels of oil per day (BBls/d). In addition, the Company is currently in the process of testing a fourth well at Lloydminster.
"The start of production at Lloydminster marks a significant milestone for the Company," Mr. Benson stated. "This represents our first oil production and lays the foundation for us to bring onto production in the coming weeks, several additional wells in the area."
Three additional locations have been identified and surveying consent is in the midst of being obtained.
At Joffre, Alberta, the Company's new Belly River well will be spud on Thursday, August 21, and drilling should be completed in two or three days.
At Preeceville, Saskatchewan, the Company has received its re-entry license, allowing it to drill to the basement the well that was originally drilled in 2005. Arrangements are now being made for a drilling rig to be deployed to the site at the earliest possible date.
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, should change.
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For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, E-mail: dbenson57@shaw.ca
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