Nordic’s New Gas Well at Lloydminster Being Perforated; Company Anticipates 75-100 BOES/D When on Production
Endeavour Well to Undergo Acid Squeeze by End of Next Week
For Immediate Release
WINNIPEG, Manitoba - (July 5, 2011) – Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the “Company” or “Nordic”), is pleased to announce that the Company’s 9-4-50-3 W4 natural gas well at Lloydminster – as announced on April 7, 2011 – is being perforated today at intervals 599 – 600.5 metres and 616.5 – 617 metres. It is expected that the perforations will be completed on Wednesday and the well will be on production shortly thereafter.
“When on production, we anticipate this well will produce in the area of 75 to 100 BOEs * per day,” Mr. Benson stated.
Furthermore, Nordic also obtained a seismic option for the oil rights to this particular section. “Over the next few weeks, we plan on acquiring trade data or perhaps shoot new seismic, or do both,” Mr. Benson said.
“We are very pleased with this new acquisition and believe that in addition to natural gas production, this could very well lead to substantial heavy oil development in the not-to-distant future for Nordic Oil and Gas,” Mr. Benson added.
With regard to Nordic’s well at Endeavour, Saskatchewan, Mr. Benson stated that the Company is still being plagued by the wet conditions on the site of the lease, but he anticipates the acidization job will be undertaken next week: “We had one of our consultants out to the lease on the weekend and he found the property to be two-thirds under water.
“We have now drained most of the lease and are currently pumping off the remaining water,” he added. “However, due to the saturation level, we have been advised that it will take about a week of dry weather after the lease is pumped off in order for us to be able to get the equipment in to do the job. As such, we are currently planning on doing the job by the end of 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.
* 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.
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.
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.