Growth Through Successful Exploration and Drilling Strategies
March 6 , 2008 NEWS RELEASE
Nordic Oil and Gas Acquires Four Well Bores in Lloydminster; Expects to Have Wells on Production Soon
For Immediate Release
WINNIPEG, MB. (March 6, 2008) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“Nordic” or, the “Company”), today announced that the Company has acquired four well bores located on leases on its lands in Lloydminster, Alberta. The well bores were about to be abandoned as the vendor had lost the mineral rights to the properties.
The Company plans to install pumps and tanks at each well bore location and will do everything in its power to have these wells on production over the next 30 to 60 days. Of particular note is the fact that the wells were drilled over the past 10 years or so.
"Another operator, who owns land adjoining ours, followed a similar approach to what we are undertaking, and today those lands are producing 80 barrels of oil per day from those well bores," Mr. Benson stated.
Furthermore, the acquisition of these wells bores by Nordic will result in the Company saving in the area of $750,000 to $800,000 - the cost that would be associated with the drilling of four new wells in Lloydminster.
In addition, the Company is also currently in the midst of surveying four other locations in Lloydminster with the intent of commencing drilling as soon as possible. When completed, the Company anticipates that it will then have eight wells on production in Lloydminster.
In other news, Mr. Benson also stated today several photos of the Company's recently acquired compression facility at Joffre, Alberta are being added to the Nordic website - www.nordicoilandgas.com.
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 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.
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
