Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd., announced that the Company has received its 2007 Reserves and Engineering Report and will be filing its Statement of Reserves and Economic evaluation of Oil and Gas Properties, consistent with the requirements of Form 51-101, shortly.
One of the highlights of the Report is that the Company has been credited with 540,000 barrels of Proved plus Probable heavy oil in Lloydminster, including 125,000 barrels of Proved and 25,000 barrels of Probable in five locations. Thirteen other locations have also been identified with 390,000 barrels of Probable.
This is very exciting news for Nordic, given that the Company has not as yet started its drilling program in Lloydminster, Mr. Benson stated. "While we are very pleased at this news, we actually feel that this is a conservative estimate," he said. "When we commence drilling in the area shortly, this will assist our engineer in developing future reserves evaluation."
In addition, the Report also stated that for Total Proved Reserves, the Company has been credited with 857 Million Cubic Feet ("MMscf") of Natural Gas, which compares to 856 MMscf last year. Total Proved plus Probable totals 1,427 MMscf, comparable to the 1,687 MMscf reported for 2006.
"This is also quite significant given the fact that we entered 2007 with 856 MMscf, produced gas for the entire year, then ended the year with virtually the same amount of gas," Mr. Benson added.
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