NEWS OUT $$$$Nordic Discovers Oil at Preeceville
Last Update: 6/11/2008 11:50:31 AM
WINNIPEG, Jun 11, 2008 (Canada NewsWire via COMTEX) -- Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), is pleased to announce that the Company has discovered oil in two formations at Preeceville, Saskatchewan.
"The well reached the basement earlier today and we are currently drilling a further 15 metres of overhole to allow for production," Mr. Benson stated. "In addition, the logging equipment will be arriving later today."
On Saturday, while drilling was underway, the well was also logged after the Company discovered live oil on the shaker. "After loosing the first well due to intersecting a fault, we did not want to loose this well without logging the interval," he added.
Further news will be released following the interpretation of the logs. "What is required now is the interpretation of the logs, followed by perforation of the two formations and production testing to determine formation pressures and flow rates," Mr. Benson said. "After allowing the cement to cure for a few days, we will be ready to perforate early next week.
"An oil discovery is what we were looking for, and now the all important thing to determine is the production capability of the well," he 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 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.
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SOURCE: Nordic Oil & Gas Ltd.
Donald Benson, Chairman & CEO, Nordic Oil & Gas Ltd., Tel: (204) 956-5042,Fax: (204) 897-7154, E-mail: dbenson57@shaw.ca, www.nordicoilandgas.com