Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. announced that the Company has acquired four well bores located on leases on its lands in Lloydminster, Alberta. The well bores were about to be abandoned as the vendor had lost the mineral rights to the properties.
The Company plans to install pumps and tanks at each well bore location and will do everything in its power to have these wells on production over the next 30 to 60 days. Of particular note is the fact that the wells were drilled over the past 10 years or so.
"Another operator, who owns land adjoining ours, followed a similar approach to what we are undertaking, and today those lands are producing 80 barrels of oil per day from those well bores," Mr. Benson stated.
Furthermore, the acquisition of these wells bores by Nordic will result in the Company saving in the area of $750,000 to $800,000 -- the cost that would be associated with the drilling of four new wells in Lloydminster.
In addition, the Company is also currently in the midst of surveying four other locations in Lloydminster with the intent of commencing drilling as soon as possible. When completed, the Company anticipates that it will then have eight wells on production in Lloydminster.
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