Nordic Oil and Gas Ltd. Announces Second Closing of Private Placement
Offering

/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES/

WINNIPEG, Dec. 17 /CNW/ - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the second and final closing of the Corporation's previously announced private placement offering of flow-through units (the "Offering"). The Corporation issued 4,859,655 flow-through units (the "Units") at a price of $0.09 per Unit for gross proceeds of $437,369 to various subscribers. Each Unit consisted of one Class A common share of the Corporation issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (a "Flow-through Share") and one half of one Class A common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.12 for a period of 18 months from the date of issuance. The Flow-through Shares and Warrants will be restricted from transfer for a period of four months and a day from the date hereof in accordance with applicable securities laws.

Certain finders assisted the Corporation by introducing potential subscribers for the Offering and each finder received fees equal to a maximum of 10% of the purchase price of the Units sold to subscribers for the Offering introduced by such finder as well as warrants ("Finder's Warrants") equal to a maximum of 10% of the number of Units sold to subscribers for the Offering introduced by such finder. Each Finder's Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.12 for a period of 18 months from the date of issuance.

The closing of the Offering is subject to the final approval of the TSX Venture Exchange.

About Nordic Oil and Gas Ltd.

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. Nordic was one of the "2008 TSX Venture 50" companies, a ranking of the top 10 public venture capital companies in five industry sectors listed on the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this News Release.

This press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. properties, and matters concerning the business, operations, strategy, and financial performance of Nordic. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and Nordic does not undertake any obligation to update such statements except as required by law.

For further information:

Don Bain, Corporate Secretary.
Nordic Oil and Gas Ltd.     
Tel. [phone]     
Fax: [phone]   
E-mail: [email protected]
www.nordicoilandgas.com