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March 15, 2006
NORDIC OIL AND GAS Announces Completion of Drilling of New Coal Bed Methane Well at Joffre
WINNIPEG, MB. (MARCH 15, 2006) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd., today announced that the Company and its Joint Venture industry partner have completed drilling of their third new Coal Bed Methane (CBM) well located at 7-24-38-25 W4 on Nordic’s Joffre property.
The well was drilled and paid for 100% by Nordic’s JV partner, with the JV partner earning a 50% interest in the Edmonton sands and coals in the section. The completion of this new CBM well brings to eight the number of wells in which Nordic Oil and Gas has an interest in the Joffre area. Furthermore, an additional two wells are scheduled to be drilled on the section following break-up.
“As we stated previously, the success rate of drilling for Coal Bed Methane is nearly 100%,” Mr. Benson said. “As such, we are very excited about the prospects these wells hold for the Company as it is thought that the Coal Bed Methane from these seams is capable of producing 100 to 300 thousand cubic feet per day from each well.”
Regarding Nordic’s drilling initiatives in Preeceville, Saskatchewan, Mr. Benson noted that the Company plans to re-enter the 14-14-39-5 W2 well that was drilled in late November 2005 and cased at a depth of 400 metres. In addition, the Company also expects to drill a new exploration well on the land owned by the Cote First Nation near Kamsack, Saskatchewan.
“We anticipate that both of these initiatives will commence during the 2nd quarter of 2006,” Mr. Benson stated.
Nordic Oil and Gas Ltd. is a junior oil and gas company listed on the TSX Venture Exchange. It trades under the symbol NOG.
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