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December 20, 2007 NEWS RELEASE  For Immediate Release Nordic Oil and Gas Ltd. Announces First Closing of Private Placement Offering For Immediate Release                                                                                                     This press release is not for dissemination in the United States or for distribution to U.S. news wire services. WINNIPEG, MB. (December 20, 2007) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the first closing of the Corporation’s previously announced private placement offering of units (the “Offering”). The Corporation issued 5,476,299 units (the “Units”) at a price of $0.30 per Unit for gross proceeds of $1,642,899.70 to various subscribers. 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) (a “Flow-through Share”) 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 $0.40 for a period of two years from the date of issuance. The Flow-through Shares and Warrants will be restricted from transfer for a period of four months and a day from the date hereof in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Certain finders assisted the Corporation by introducing potential subscribers for the Offering and each finder received fees equal to 6% of the purchase price of the Units sold to subscribers for the Offering introduced by such finder as well as warrants (“Finder’s Warrants”) equal to 8% of the number of Units sold to subscribers for the Offering introduced by such finder. Each Finder’s Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.40 for a period of 24 months from the date of issuance. The closing of the Offering is subject to the final approval of the TSX Venture Exchange. “We are pleased that we are able to close more than 50% of our Offering at this time and we look forward to the final closing before the end of the year,” Mr. Benson stated. 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