Growth Through Successful Exploration and Drilling Strategies
May 31, 2009 NEWS RELEASE
Nordic Oil and Gas Announces First Quarter 2009 Results
Revenue Increases 77% over Q1 2008
WINNIPEG, May 29, 2009 - Donald Benson, Chairman and Chief Executive Officer of
Nordic Oil and Gas Ltd. ("Nordic" or "the Company") today announced the Company's
financial results from operations for the three-month period ended March 31, 2009. All
amounts referenced herein are in Canadian dollars.Revenue from oil and natural gas sales (including liquids and transport revenue) during
the first quarter of 2009 totaled $258,668 compared to $145,854 in Q1 2007 – a 77%
increase. When adding interest earned, the Q1 2009 revenue becomes $261,220, as
compared to $149,101 last year – a 75% increase. The increase over last year is due to the
new heavy oil wells in Lloydminster that came on production late in the third quarter last
year.Total assets, including cash, short-term investments, deposits and accounts receivable at
the end of the first quarter were $12,686,306 up significantly from the $10,882,995 at the
end of the first quarter in 2008.The net loss for the period before taxes was also lower than that recorded during Q1 in
2008 - $293,443 versus $508,424. The decrease in the 2009 loss can largely be attributed
to the sharp drop in expenses incurred along with the increase in total revenue this
quarter. Net loss per share in Q1 2009 was $0.006 compared to a net loss per share of
$0.003 in Q1 2008.Liabilities and shareholders' equity at the end of March 2009 totaled $12,686,306 in the
first three months of 2009, up from the $10,882,995 in Q1 2008, but down approximately
$1 million when compared to the $13,949,392 as at December 31, 2008.Overall expenses, not including production costs for the quarter under review, decreased
to $284,880 from the $575,265 for the same period last year. The primary reason for the
decrease in total expenses was the sharp drop in stock option expenses to $48,052 from
$284,473 and the decrease in G & A expenses to $53,871 from $99,888.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.
Nordic is one of the “2008 TSX Venture 50” companies, a ranking of the top 10 public
venture capital companies in five industry sectors listed on the TSX Venture Exchange.
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.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.
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
