NEWSNOG hit.... Next to PAN
I knew something was up with all this Bashin' goin' on
WINNIPEG, Jun 11, 2008 (Canada NewsWire via COMTEX) -- Donald Benson, Chairman and Chief ExecutiveOfficer of Nordic Oil and Gas Ltd. ("Nordic" or, the "Company"), ispleased to announce that the Company has discovered oil in twoformations at Preeceville, Saskatchewan.
"The well reached thebasement earlier today and we are currently drilling a further 15metres of overhole to allow for production," Mr. Benson stated. "Inaddition, the logging equipment will be arriving later today."
OnSaturday, while drilling was underway, the well was also logged afterthe Company discovered live oil on the shaker. "After loosing the firstwell due to intersecting a fault, we did not want to loose this wellwithout logging the interval," he added.
Further news will bereleased following the interpretation of the logs. "What is requirednow is the interpretation of the logs, followed by perforation of thetwo formations and production testing to determine formation pressuresand flow rates," Mr. Benson said. "After allowing the cement to curefor a few days, we will be ready to perforate early next week.
"Anoil discovery is what we were looking for, and now the all importantthing to determine is the production capability of the well," he added.
About Nordic Oil and Gas Ltd.
Nordic Oil and Gas Ltd. isa junior oil and gas company engaged in the exploration and developmentof oil, natural gas and Coal Bed Methane in Alberta and Saskatchewan.The Corporation is listed on the TSX Venture Exchange and trades underthe symbol NOG.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
Thisnews release contains certain statements that may be deemed"forward-looking statements". All statements in this release, otherthan statements of historical fact, that address events or developmentsthat the Company expects to occur, are forward looking statements.Forward looking statements are statements that are not historical factsand 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 Companybelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are not guaranteesof future performanceand actual results may differ materially from those in forward lookingstatements. Factors that could cause the actual results to differmaterially from those in forward-looking statements include marketprices, exploration and drilling success, continued availability ofcapital and financing and general economic, market or businessconditions. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developments maydiffer materially from those projected in the forward-lookingstatements. Forward-looking statements are based on the beliefs,estimates and opinions of the Company's management on the date thestatements are made. The Company undertakes no obligation to updatethese forward-looking statements in the event that management'sbeliefs, estimates or opinions, or other factors, should change.
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SOURCE: Nordic Oil & Gas Ltd.