Nordic Oil and Gas Announces Amendment to Warrant Price from Previously Announced Private Placement Flow-through Offering

WINNIPEG, March 5, 2012 /CNW/ - Further to its News Release dated March 2, 2012, Nordic Oil and Gas Ltd. ("the Company" or Nordic"), today announced an amendment to its new non-brokered private placement offering (the "Offering") of up to 10,000,000 units ("Units") at a price of $0.07 per Unit for gross proceeds of up to $700,000.

Each Unit of the Offering will consist of one Class A common share of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one-half of one Class A common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.10 per share for a period of 24 months from the date of issuance, not $0.085 as previously announced.

Similarly, the compensation warrants (the "Finder's Warrants") have also been amended. Each Finder's Warrant shall entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.10 for a period of 24 months from the date of issuance.

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.

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

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