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March 26 , 2008 NEWS RELEASE
Nordic Oil and Gas Receives 2007 Reserves and Engineering Report
Company Credited With More Than 500,000 Barrels of Heavy Oil in Lloydminster
For Immediate Release
WINNIPEG, MB. (March 26, 2008) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“Nordic” or the “Company”), today announced that the Company has received its 2007 Reserves and Engineering Report and will be filing its Statement of Reserves and Economic evaluation of Oil and Gas Properties, consistent with the requirements of Form 51-101, shortly.
One of the highlights of the Report is that the Company has been credited with 540,000 barrels of Proved plus Probable heavy oil in Lloydminster, including 125,000 barrels of Proved and 25,000 barrels of Probable in five locations. Thirteen other locations have also been identified with 390,000 barrels of Probable.
This is very exciting news for Nordic, given that the Company has not as yet started its drilling program in Lloydminster, Mr. Benson stated. “While we are very pleased at this news, we actually feel that this is a conservative estimate,” he said. “When we commence drilling in the area shortly, this will assist our engineer in developing future reserves evaluation.”
In addition, the Report also stated that for Total Proved Reserves, the Company has been credited with 857 Million Cubic Feet (“MMscf”) of Natural Gas, which compares to 856 MMscf las year. Total Proved plus Probable totals 1,427 MMscf, comparable to the 1,687 MMscf reported for 2006.
“This is also quite significant given the fact that we entered 2007 with 856 MMscf, produced gas for the entire year, then ended the year with virtually the same amount of gas,” Mr. Benson added.
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
