News150 BPD with $10,000 / day in revenues. 2 more wells coming into production by the end of June which will increase production and revenues.....where is everyone??
Nordic Oil producing 150 bopd from Lloydminster wells
2009-06-05 11:28 ET - News Release
Mr. Donald Benson reports
SIX WELLS NOW ON FULL PRODUCTION; TWO ADDITIONAL WELLS COMING ON STREAM
Nordic Oil & Gas Ltd. is now producing in excess of 150 barrels of oil per day (bopd) from its wells in Lloydminster, Alta. When combined with its natural gas and coal bed methane production in Joffre, Alta., Nordic is now producing more than 200 barrels of oil per day. "We now have all six of our wells on full production at Lloydminster following a period when some were down for maintenance," he said. "Our sixth well at Lloydminster was returned to production yesterday, bringing total production for the last 24-hour period to 24 cubic metres of oil per day or 150 barrels/day. Our revenue, with current Lloydminster price at $424/m3, equates to $10,000/day. Clearly, this augurs well for a strong month of June and a very solid second quarter." In the company's guidance that was issued at the beginning of the year, Nordic forecast that it would be producing 200 barrels of oil per day of heavy oil from its Lloydminster wells by the end of the second quarter. "With almost a full month to go before the end of Q2, we are on track to achieve that goal," stated Matthew Barnard, the company's recently appointed director of operations at Lloydminster. He also stated that this production number would rise even further before the end of the quarter as the company expects to license two additional wells in Lloydminster next week and bring them on production before the end of June.