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December 22, 2006

NORDIC COMPLETES SECOND CLOSING OF PREVIOUSLY ANNOUNCED CONVERTIBLE DEBENTURE OFFERING                             

WINNIPEG, Manitoba (December 22, 2006)- Mr. Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the second closing of its previously announced private placement offering of the Corporation (the "Offering") of 2-Year 8% Convertible Debentures (“Debentures”), in the aggregate amount of $227,000.

The Debentures are convertible into Class A common shares of the Corporation at the option of the holder at any time prior to maturity at a conversion price of $0.25 per share. The Debentures are subject to a four-month hold period in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

The first closing of the Debenture Offering was completed on November 30, 2006 when the Corporation received aggregate gross proceeds of $539,000.

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