While Nordic Oil and Gas is confident of the shallow gas prospects on the Cote First Nation, the Company also feels that there could be additional deposits at deeper levels, and that the seismic data will help it identify any deeper prospective formations.
"The Kamsack area has long been rich in Natural Gas with the first discovery dating back to 1937 where gas was found in the Boyne Sand pool, having an average depth of 60 metres," Mr. Benson stated. "This pool was exploited for 13 years, from 1941 to 1953 and data indicates there was a natural gas flow rate of 295Mcf/day in the Ventures Kamsack well No. 10."
Nordic and its Joint Venture partner have access to 14,355 gross acres for development of oil and gas resources on the land owned by Cote First Nation. The companies have been granted access to the property to undertake exploration activities via an Oil and Gas Permit received from Indian Oil and Gas Canada.
With regard to Nordic's recent announcement that its 14-14-39-5 W2 well in Preeceville, Saskatchewan had been licensed, the Company is continuing to seek out a rig for deployment to the region. The anticipated spud date is November 15, 2005. The well will be drilled down to the basement to a depth of approximately 1,200 metres and we will be testing multiple zones, possibly up to 10 hydrocarbon bearing formations.
"We are equally as excited about the prospects in Preeceville," said Mr. Benson. "This area has become one of the 'hottest regions' in Saskatchewan and we anxiously await the start of the drilling of this well."
On a further note, the Company's News Release of August 29, 2005, mistakenly stated that an engineering report prepared by AJM Petroleum Consultants suggested that Nordic Oil and Gas has possible recoverable Coal Bed Methane reserves in Joffre of 1 BCF. In fact, the possible recoverable CBM reserves on the Nordic lands exceeds 10 BCF.
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