Nordic Oil and Gas Secures Drilling Rig for New Endeavour, SK Exploration
Well
Drilling Expected to Commence Next week
WINNIPEG, Nov. 30 /CNW/ - Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the "Company" or "Nordic"), (TSXV: NOG), is pleased to announce that the Company has secured a drilling rig for the first of its two new exploration wells at Endeavour, Saskatchewan.
"The rig will be transported to the 4-11 well site this coming week-end and we anticipate drilling to commence early next week," Mr. Benson stated, adding that drilling will take approximately five days to complete.
The first of the two Nordic wells at Endeavour is within four miles of a 1958 well that had oil shows in six different formations. "This gives the company a strong belief that a discovery will be made," Mr. Benson stated.
"The seismic that we shot confirms the existence of 50 metres of anhydrate and salt, which we feel acts as a seal for the oil. Furthermore, the 1958 well was drilled on a low, whereas our location is on a structural high, another thing that gives us optimism."
INTERPRETATION
Old 10-25 well drilled in 1958 | Proposed new 4-11 well | |
Drilled on structural high | NO | YES |
Salt cap present | NO | YES |
Reservoir present | YES | YES |
"We are excited to finally begin drilling the first well in Endeavour," Mr. Benson added. "Bearing in mind that the Company has seven contiguous townships of land in this area, a discovery would undoubtedly have a significant impact on the Company and our shareholders."
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 was 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.
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.
This press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. properties, and matters concerning the business, operations, strategy, and financial performance of Nordic. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and Nordic does not undertake any obligation to update such statements except as required by law.
%SEDAR: 00015188E
For further information:
Don Bain, Corporate Secretary.
Nordic Oil and Gas Ltd.
Tel. 204-229-7751
Fax: 204-943-1829
E-mail: [email protected]
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