NORDIC OIL AND GAS ANNOUNCES REVISED PRIVATE PLACEMENT FLOW-THROUGH OFFERING

WINNIPEG, Oct. 6 /CNW/ - Donald Benson, President of Nordic Oil and Gas Ltd. ("the Company" or "Nordic"), announced today that the Company has discontinued its non-brokered private placement offering of up to 6,000,000 units at a price of $0.10 per unit for gross proceeds of up to $600,000 originally announced on August 27, 2010. Mr. Benson also announced that the Company will replace this former offering with a new non-brokered private placement offering (the "New Offering") of up to 7,000,000 units ("Units") at a price of $0.075 per Unit for gross proceeds of up to $525,000.

Each Unit of the New 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 18 months from the date of issuance.

The securities issued pursuant to the New Offering are subject to a four-month holding period from the date of closing. The Company anticipates multiple closings in the coming weeks.

Certain finders are expected to assist the Company by introducing potential subscriber(s) to the New Offering and, subject to compliance with applicable legislation, will be entitled to receive fees equal to 10% of the purchase price of the Units sold pursuant to the New Offering, as well as compensation warrants (the "Finder's Warrants") equal to 10% of the number of Units sold pursuant to the New Offering. 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 18 months from the date of issuance.

All terms of the New Offering are subject to the 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.

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