Growth Through Successful Exploration and Drilling Strategies
June 5, 2009 NEWS RELEASE
NORDIC OIL AND GAS NOW PRODUCING 150 BOPD FROM ITS LLOYDMINSTER WELLS
Six Wells Now on Full Production; Two Additional Wells Coming On Stream
WINNIPEG, MB. (June 5, 2009) – Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“Nordic” or the “Company”), (TSXV: NOG) today announced that the Company is now producing in excess of 150 barrels of oil per day (BOPD) from its wells in Lloydminster, Alberta. When combined with its natural gas and Coal Bed Methane production in Joffre, Alberta, Nordic is now producing more than 200 BOE/d*.
“We now have all six of our wells on full production at Lloydminster following a period when some were down for maintenance,” he said. “Our sixth well at Lloydminster was returned to production yesterday, bringing total production for the last 24-hour period to 24m3 of oil/day or (150bbl/day). Our revenue, with current Lloydminster price at $424/m3, equates to $10,000/day. Clearly, this augurs well for a strong month of June and a very solid second quarter.”
In the Company’s guidance that was issued at the beginning of the year, Nordic forecast that it would be producing 200 BOPDs of heavy oil from its Lloydminster wells by the end of the second quarter. “With almost a full month to go before the end of Q2, we are on track to achieve that goal,” stated Matthew Barnard, the Company’s recently appointed Director of Operations at Lloydminster.
He also stated that this production number would rise even further before the end of the quarter as the Company expects to license two additional wells in Lloydminster next week and bring them on production before the end of June.
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.
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.
*BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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
