WINNIPEG, MANITOBA — (Marketwire) — 05/10/12 — Based on the recently completed Reserves and Engineering Report received from its Engineering firm, Donald Benson, President of Nordic Oil and Gas Ltd. (TSX VENTURE: NOG) (“the Company” or Nordic”), announced that the Company is changing its approach with regard to its 4-11-35-4 W2 well at Endeavour, SK. The Company now plans to equip the well with a tank, tubing and a submersible pump as soon as possible. The Company intends to apply for permission from the Saskatchewan government to test the 4-11 well.
The Reserves and Engineering Report received by Nordic states: “In this area, the Red River formation is approximately 75 metres thick. Total gross remaining probable developed probable reserves of 73 MSTB (1) have been estimated for the Red River zone in the 4-11 Nordic well, based on reservoir parameters derived from log analysis.”
The Report also went on to state that, “fluid production is expected to be at an initial rate of 62.5 STB/d (2) with a 44% water cut, and oil production of 35 STB/d.”
The Reserves & Engineering Report on Nordic–s Endeavour property can be found on the Nordic website: .
“The Reservoir Engineer–s Report suggests that this well can now go on production,” Mr. Benson stated. “We feel it is important to test the well first so that we can evaluate which lands within the current permits, which expire in August of this year, will be retained in the form of five-year leases. Permits do not allow you to undertake production.”
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.
Note (1) – MSTB 1,000 stock tank barrels
Note (2) – STB/d stock tank barrels of oil per day
The estimated values disclosed do not represent fair market value.
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.
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Contacts:
Nordic Oil and Gas Ltd.
Don Bain
Corporate Secretary
204-229-7751
204-943-1829 (FAX)