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August 29 , 2007

Nordic’s New Belly River Well Tested 820 MCF/day

WINNIPEG, MB. (August 29, 2007) – Further to its News Release dated August 24, 2007, where Nordic Oil and Gas Ltd. (“Nordic” or the “Corporation”) announced that the field measurement results from the flow test on the Corporation’s 11th well in Joffre, Alberta, Canada showed that the middle Belly River zone had gas rates of 18.5 10³m³ at between 649.5 metres and 651 metres, Chairman and CEO, Donald Benson, noted today that the combined 23 10³M³ for the three intervals within the well that was tested, equates to 820 MCF/day.

“This is an extremely significant number and one that suggests to us that we have the potential for a very strong producing well,” he stated. “Once on production, this well will have a significant impact on both our production totals and, of course, our bottom line.

“While we are anxious to bring this well onto production quickly, we also recognize the wisdom of waiting until gas prices rise, whereupon we can then realize values that are more meaningful and impactful to the Corporation.”

Nordic plans to tie this well into its pipeline system – a distance of 200 metres – and will begin to produce it during the 4th quarter.

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 Company is listed on the TSX Venture Exchange and trades under the symbol NOG.

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 Corporation 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 Corporation 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 Corporation’s management on the date the statements are made. The Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of the contents of this News Release.  

For additional information, contact:

Donald Benson
Chairman & CEO  
Nordic Oil & Gas Ltd.
Tel: 204-956-5042
Fax: 204-897-7154
E-mail: dbenson57@shaw.ca