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Seven successful wells now drilled at Nordic’s Lloydminster property |
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Written by Newswire
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WINNIPEG, MB - Donald Benson, President & CEO of Nordic Oil and Gas Ltd. announced recently that drilling and casing of its new 15B-06-50-01 W4, 10B-06-50-01 W4 and 6D-24-50-2-W4 heavy oil wells at Lloydminster, Alberta have been completed. This brings to seven the number of successful wells the Company has drilled in over the past three weeks as part of the Company’s 10-well drilling program at Lloydminster.
The most recent well - 6D-24-50-2-W4, with pay in the Dina, General Petroleum and Sparky zones - is the strongest of them all.
With the completion of this latest well, Nordic now has 15 wells primed for production at Lloydminster, with the likelihood of the remaining three in the initial 10-well program to be drilled early in 2010.
“We hope to have two of the new wells on production by the end of December and the remaining five on production in January,” Benson added. “As such, we are optimistic that we will reach our projected production targets at Lloydminster of approximately 275 to 300 BOEs per day during the first quarter of 2010*.”
Furthermore, the Company is also making preparations to begin shooting 3-D seismic over the quarter section target lands in Lloydminster in preparation for the drilling of a horizontal well. Typically, horizontal wells in the Lloydminster area produce between 100 and 250 BOPd.
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.
* The projections in this new release are consistent with the Company’s current Reserves and Engineering Report prepared by Chapman Petroleum Engineering Ltd.
** The term BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
www.nordicoilandgas.com
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