Growth Through Successful Exploration and Drilling Strategies
July 30 , 2009 NEWS RELEASE
NORDIC OIL AND GAS AND HUNT OIL ENTER INTO STRATEGIC DEVELOPMENT AGREEMENT
Companies Will Collaborate on Preeceville, Saskatchewan Lands
WINNIPEG, Manitoba - (July 30, 2009) Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“the Company” or ”Nordic”), announced today that the Company, along with its Joint Venture partner, Western Warner Oils Ltd., has entered into a strategic development agreement with Hunt Oil Company (“Hunt”) whereby Nordic has the opportunity to earn an interest in the Hunt-owned land in Preeceville, Saskatchewan. The ensuing exploration work on the lands will result in Hunt having the option to participate on a 50-50 go forward basis with Nordic, or allow Nordic to retain a 100% interest in the land with Hunt earning a Gross Overriding Royalty.
Hunt owns approximately 153,600 acres of land in Preeceville situated a few miles southeast of the Nordic lands.
“We are delighted to have the opportunity to work with a company like Hunt Oil in a region where we believe there is strong potential,” Mr. Benson stated. “We see this as a positive agreement for both companies, and hope that it will lead to other opportunities with Hunt down the road.”
Mr. Benson also stated that survey work has now commenced for a five-well drilling program on the Nordic land in Preeceville. “We believe that with new drilling technology available to us, we will be successful in unlocking the enormous reserves of natural gas that the Hunt consultants have confirmed is in the region.” Drilling is expected to begin in September of this year.
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.
About Hunt Oil Company
Hunt Oil Company was founded in 1934 and today is one of the world’s leading privately held independent energy companies. Hunt Oil Company, its subsidiaries and affiliated entities, engage in oil and gas exploration and production activities in the United States, Canada, Yemen, Peru and a number of other countries.
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. Lloydminster property, 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 Lloydminster property 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:
Donald Benson Don Bain
Chairman & CEO Corporate Secretary
Nordic Oil and Gas Ltd. Nordic Oil and Gas Ltd.
Tel. 204-956-5042 Tel. 204-943-1810
Fax. 204-897-7154 Fax. 204-943-1829
E-mail: dbenson57@shaw.ca E-mail: donbain1@mts.net
