Northern Oil and Gas Inc V.NOG

Primary Symbol: NOG

Energy Oil & Gas E&P

Northern Oil and Gas, Inc. is a real asset company that focuses on acquiring and investing in non-operated minority working and mineral interests in the hydrocarbon producing basins within the contiguous United States. Its business is crude oil and natural gas exploration, development, and production with operations in the United States. Its 300,000-acre portfolio is distributed across the Williston, Permian and Appalachia Basins. Its portfolio comprises 300,000 acres of low-breakeven land with over 10,000 wells. Diversified by basin and across commodity type, its wells are operated by over 100 public and private operators. It engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include its acreage. It acquires wellbore-only working interests in wells. It owns the Utica and Northern Delaware Basin assets. It also owns Point Assets in the Delaware Basin.

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Northern Oil and Gas Inc

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Post by JimKon Jun 02, 2008 9:27am

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Post# 15133649

First well abandoned

Preeceville Drilling Update
Monday June 2, 9:20 am ET

WINNIPEG, June 2 /CNW/ - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), today announced that the Company has seen some indications of the presence of oil during the drilling of its first well at Preeceville, Saskatchewan.

"Our site geologist has advised us that he has found an oil film and droplets of oil in the drilling fluid coming over the shaker, and that he has seen some oil staining on samples taken," Mr. Benson said. "Analysis of the stained samples has shown the existence of fluorescents, an indication that oil may be present. Furthermore, our site geologist has also stated that some samples have good porosity."

However, due to the intersection of faults, the well deviated and the drilling tools became lodged in the hole and cannot be dislodged. As a result, the well is being abandoned and the rig will be deployed to the second site where drilling will commence this week.

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