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August 3 , 2007

For Immediate Release                                                                                                    

This press release is not for dissemination in the United States or for distribution to U.S. news wire service

Nordic Oil and Gas Announces Closing of Private Placement Offering With Energy Fields

WINNIPEG, MB. (August 3, 2007) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the closing of the Corporation’s previously announced private placement offering (the “Offering”). The Corporation issued 1,000,000 units (the “Units”) at a price of $0.20 per Unit for gross proceeds of $200,000 to certain funds in the EnergyFields Group. 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) 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 $0.30 for a period of two years from the date of issuance.

“We are pleased to be entering into this transaction with the EnergyFields Group,” Mr. Benson said. “This is an important milestone in the growth of Nordic Oil and Gas and we look forward to working with EnergyFields as we continue to develop our holdings in Joffre, Lloydminster and the Peace River Arch area of Alberta.”

In connection with the Offering, Limited Market Dealer Inc. received a finder’s fee equal to 6% of the gross proceeds of the Offering as well as 80,000 broker warrants each entitling the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.30 per share for a period of two years from the date of issuance.

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

About Energy Fields Group

EnergyFields Group (a division of Pathway Asset Management) is a Toronto-based energy resource fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar)on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

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.

The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of the contents of this News Release.

For additional information, contact:

Donald Benson
Chairman & CEO  
Nordic Oil & Gas Ltd.
Tel: 204-956-5042
Fax: 204-897-7154
E-mail: dbenson57@shaw.ca