Nordic Oil and Gas Receives Leases for New Oil Wells at Weyburn and Virden
WINNIPEG, Manitoba - (March 6, 2012) –Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the “Company” or “Nordic”), (TSXV: NOG), announced today that the Company has received leases for its first oil wells in both Weyburn, Saskatchewan and Virden, Manitoba.
At Weyburn, a drilling location was chosen and the survey was obtained prior to the Company receiving the surface lease. “The new well will test both the Bakken and the Midale/Frobisher formations for light oil,” Mr. Benson stated. “This is expected to lead to an overall drilling project of up to six wells on our Weyburn land.”
At Virden, a Petroleum and Natural Gas lease was obtained from the Crown and the Rural Municipality of Sifton. “The previously acquired two lines of existing seismic are now being interpreted, and we anticipate drilling the first of four wells on this highly prospective land,” Mr. Benson added. “We will be testing the Virden well in the Bakken and Spearfish formations for light oil.”
Mr. Benson also stated that within the next few days, the Company will begin marketing a new Limited Partnership, which will be undertaken to raise the necessary funds to drill the aforementioned wells. As a result of this Limited Partnership Offering, individual investors will have the opportunity to participate in direct ownership of these wells. Limited partners will own a 50% interest in the wells that are drilled.
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.
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.