Growth Through Successful Exploration and Drilling Strategies
November 10, 2010 NEWS RELEASE
Nordic Oil and Gas Receives Well License Allowing it to Commence Drilling New Exploration Well at Endeavour, Saskatchewan
Second well location being surveyed - both wells to be drilled at same time
WINNIPEG, Nov. 10 /CNW/ - Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the "Company), (TSXV: NOG), is pleased to announce that the Company has received its well license from the Saskatchewan government, thereby paving the way for Nordic to commence drilling its new exploration well at Endeavour.
"While it took longer than we had anticipated, we are delighted to finally receive the required well license that now allows us to move forward with this exciting project," Mr. Benson stated. "The first well location is offset from a 1950s well, which encountered oil in six different intervals. The seismic that we shot indicated that a well drilled back in the mid-1950s was drilled on a low, whereas our location is on a structural high. The 1950s well also indicated the presence of a salt cap, which we feel acts as a seal.
In addition, Mr. Benson also noted that the Company has completed surveying and is applying to license a second location in the Endeavour area, "and we plan on drilling both wells at the same time.
"The Company is, excited about the potential of these two new locations and we look forward with great anticipation to the start of drilling both," he added.
Further updates will be provided once the Company has secured a drilling rig and the site has been prepared and readied for the start of drilling.
As a further note regarding the recent announcement of the Equity Line Facility for $10,000,000.00 which the Company has secured, the Company wishes to confirm that the facility is for a three year period and it is anticipated that several drawn downs will take place at hopefully increasing share pricing. This will not be a matter of flooding the market with low priced shares but rather a facility which will allow us rapid access to capital as required. A discovery at Endeavour should have a tremendous impact on the price of our shares.
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.
For additional information, contact:
Don Bain, Corporate Secretary. Nordic Oil and Gas Ltd. Tel. 204-229-7751 Fax: 204-943-1829 E-mail: firstname.lastname@example.org