Winnipeg, Manitoba (FSCwire) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation or Nordic”), today announced the recompleted existing well at Noel South currently has casing pressure of 6500 KPA an increase of 20% since January. This bodes well with our being able to put this well on production shortly. The Cardium well planned for the same location has been surveyed and the licencing process continues. In addition the Corporation has had discussion regarding the purchase of a copy of existing 3D seismic over our Noel North property. This will at a very reasonable cost enable us to take a lot of risk out of the drilling of further wells as 3D identifies potential locations in a very precise manner. We are entitled to drill as many as nine additional wells on Noel North.
At Lloydminster, Nordic has completed a swap of assets with its previous partner wherein Nordic now owns 100% of two wells and an additional three spacing units where it can drill three additional wells. We are now exploring the opportunity of selling our oil direct to asphalt contractors.
In the last month the Corporation began paying interest on its outstanding debentures. Nordic intends to seek the consent of its debenture holders to allow for the payment of interest on a quarterly basis to reduce administration costs.
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, Saskatchewan and British Columbia. The Corporation is listed on the TSX Venture Exchange and trades under the symbol NOG.
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.
For additional information, contact:
Donald Benson, President and CEO
Nordic Oil and Gas Ltd.
Tel. 204-955-5042
E-mail: dbenson57@shaw.ca
Website www.nordicoilandgas.ca
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To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/NordicMar312015.pdfSource: Nordic Oil and Gas Ltd. (TSX Venture:NOG)
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