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December 14, 2005

NORDIC OIL AND GAS LTD. CLOSES $1 MILLION-PLUS OFFERING                                                             

WINNIPEG, MB. (December 14, 2005) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the successful closing of its private placement offering (the “Offering”) announced on November 3, 2005 and November 21, 2005.  The Offering consisted of the sale of 3,000,000 units (the “Units”) at a price of $0.40 per Unit for aggregate gross proceeds to the Corporation of $1,200,000. The Offering was undertaken by way of a Short Form Offering Document and was led by Union Securities Ltd. (“USL”), an investment dealer with offices across Canada.

Each Unit consists of one Flow-Through Common Share, within the meaning of the Income Tax Act (Canada), plus one-half of a Share Purchase Warrant (the “Warrant”) of the Corporation. Each full Warrant entitles the holder to purchase one regular Class A common share of the Corporation at a price of $0.60 for a period of one year from the date of issuance.  A total of 427,500 Flow-Through Common Shares issued pursuant to the Offering are subject to a four month hold period expiring on April 14, 2006.

In connection with the closing, the Corporation paid USL a commission of 10% of the gross proceeds raised through this Offering and a $10,000 agency fee.  USL was also issued an option to purchase, within 18 months from the date of issuance, Class A common shares equal to 10% of the total number of Units sold pursuant to the Offering at $0.40 per share.

Commenting on the successful closing, Mr. Benson stated: “We are pleased at the positive response that Union Securities received on this Offering. This new funding further solidifies the Corporation’s sound financial footing as we approach the New Year.  We anticipate that the bulk of the funds will be targeted at our exploration and development programs on our Joffre property – in particular, our plans to drill six Coal Bed Methane wells in conjunction with our joint venture partner in the area.”

Plans call for the Corporation's joint venture partner to drill two new Coal Bed Methane wells on sections 18-38-24 W4 and 24-38-25 W4.  It is anticipated that the first well will be drilled no later than January 2006.

"These wells will be paid for 100% by our joint venture partner and we will own a 50% interest in each well," Mr. Benson added.

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

Don Bain
Director, Communications & Investor Relations
Nordic Oil & Gas Ltd.
Tel: 204-229-7751
Fax: 204-943-1829
E-mail: donbain1@mts.net