Growth Through Successful Exploration and Drilling Strategies
October 7, 2008 NEWS RELEASE
Updates on Nordic Drilling Initiatives
For Immediate Release
WINNIPEG, MB. (October 7, 2008) - 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.
LLOYDMINSTER, ALBERTA
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 in Q4.
JOFFRE, ALBERTA
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.
PREECEVILLE, SASKATCHEWAN
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, should change.
For additional information, contact:
Donald Benson Don Bain
Chairman & CEO Corporate Secretary
Nordic Oil & Gas Ltd. Nordic Oil and Gas Ltd.
Tel: 204-956-5042 Tel. 204-229-7751
Fax: 204-897-7154 Fax. 204-943-1829
E-mail: dbenson57@shaw.ca E-mail: donbain1@mts.net
