December 1, 2004

NORDIC OIL AND GAS LTD. ANNOUNCES PRIVATE PLACEMENT OFFERING

WINNIPEG, MB. (December 1, 2004) - Mr. Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the Corporation's intention to undertake a private placement offering (the "Offering") of up to 2,272,727 units (the "Units") at a price of $0.44 per Unit for aggregate gross proceeds of up to $1,000,000 to subscribers resident in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and the Northwest Territories. Each Unit will consist 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 share purchase warrant, which will entitle the holder to purchase one regular Class A common share of the Corporation at a price of $0.75 for a period of one year from the date of issuance.

Wellington West Capital Inc. ("Wellington"), an independent investment dealer with offices across Canada, will assist the Corporation with respect to the Offering and will be paid a fee of 7% of the gross proceeds of the Offering. Wellington will also receive broker warrants equal to 7% of the total number of units sold pursuant to the Offering. Each broker warrant shall entitle the holder thereof to purchase one common share of the Corporation at a price of $0.44 for a period of one year from the date of issuance. Wellington may invite one or more duly registered sub-agents to form a selling group to participate in the soliciting of offers to purchase the Units.

It is expected that the first closing of the Offering will occur on or about December 10, 2004, subject to regulatory approval. All the terms of the Offering are subject to the approval of the TSX Venture Exchange.

Nordic Oil and Gas Ltd. is a junior oil and gas company listed on the TSX Venture Exchange. It trades under the symbol NOG.

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