"We believe that the new seismic that we will be shooting at Preeceville will assist us in determining where we will drill our next well in the region," stated Donald P. Benson, Nordic Oil and Gas Ltd. Chairman and Chief Executive Officer. "The program will be funded by cash and the issuance of 80,000 Common Shares of Nordic Oil and Gas, at a price of $0.40 per share."
At Joffre, the Company intends to commence a drilling program before year- end of up to three wells. "At present, our existing production is approximately 1,000,000 cubic feet per day at Joffre, which equates to roughly 175 barrels of oil (BOE) equivalent per day," Mr. Benson noted. "We are targeting to exit the year at 300 BOEs per day and this new drilling program should allow us to reach that target. These wells should yield strong production by the end of 2004."
As was reported in the 2nd quarter and six-month financial statements, cash flow for the first half of 2004 at Nordic Oil and Gas Ltd. was strong, thereby allowing the Company to proceed with these important initiatives. Nordic Oil and Gas Ltd. is a junior oil and gas exploration company, which is listed in the TSX Venture Exchange and trades under the ticker symbol, NOG.
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