Growth Through Successful Exploration and Drilling Strategies
June 19, 2008 NEWS RELEASE
For Immediate Release
Preeceville Drilling Update
Company Receives Licenses to Drill First Two Wells in Lloydminster
WINNIPEG, MB. (June 19, 2008) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“Nordic” or, the “Company”), announced today that the logging has been completed at the Company’s well at Preeceville, Saskatchewan and that the intervals for perforation have now been identified. The service rig should be on location on Saturday, June 21, 2008, and it is anticipated that the perforations testing and possible fracture stimulation will take up to 10 days to complete.
“The condition of the well site was such that there was an unforeseen delay in de-mobilizing the rig from the site,” Mr. Benson stated. “This in turn has caused a delay in being able to perforate the well.”
In other news Mr. Benson also stated that the Company has received well licenses for the drilling of two new wells in Lloydminster. “Now that we have these licenses, we expect to commence drilling these two wells shortly,” he said.
Furthermore, with regard to the 11-13-38-25 W4 Belly River well at Joffre, which was drilled last summer by Desoto Resources Limited (“Desoto”), one of Nordic’s Joint Venture partners, “EnCana Corporation (“EnCana”) objected to us producing the well due to the continuing litigation regarding the validity of the lease,” Mr. Benson stated. “The Alberta Energy and Utilities Board has ruled in favour of EnCana, however that decision will now be appealed by Desoto in the Court of Queens Bench.”
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.
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
Chairman & CEO
Nordic Oil & Gas Ltd.
Tel: 204-956-5042
Fax: 204-897-7154 E-mail: dbenson57@shaw.ca