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December 20, 2006

NORDIC ANNOUNCES NEW FLOW-THROUGH OFFERING                          

WINNIPEG, MB. (December 20, 2006) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the Corporation’s intention to undertake an offering (the “Offering”) by way of a non-brokered private placement, of up to 1,000,000 units (the “Units”) at a price of $0.30 per Unit for aggregate gross proceeds of up to $300,000.

Each Unit will consist 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 will entitle the holder to purchase one regular Class A Common Share of the Corporation at a price of $0.40 for a period of two years from the date of issuance.

Directors and officers of the Corporation may participate in the Offering.  Purchases of Units by a director and/or officer of the Corporation will be a “related party transaction” within the meaning of Policy 5.9 Issuer Bids, Insider Bids, Business Combinations and Related Party Transactions (“Policy 5.9”), but will be exempt from the valuation and minority shareholder approval requirements of Policy 5.9 by virtue of the fact that the fair market value of the consideration for the transaction, insofar as it relates to related parties, will not exceed 25% of the market capitalization of the Corporation.

Commenting on the proposed financing, Mr. Benson stated: “We have a number of development and drilling initiatives in both Joffre, Alberta and Preeceville, Saskatchewan that we want to undertake in the New Year, and when combined with the successful completion of our recent debenture financing, we will be in a strong position to move forward with more expediency on these programs.”

Nordic Oil and Gas is a junior oil and gas exploration company, which is listed on the TSX Venture Exchange and 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