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December 23, 2005

NORDIC OIL AND GAS LTD. ANNOUNCES PRIVATE PLACEMENT OFFERING                                                         

Mr. Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the intention of the Corporation to undertake a private placement offering (the “Offering”) of 424,175 units (the “Units”) at a price of $0.40 per Unit for gross proceeds of up to $169,670. 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 half of one Class A common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one regular Class A common share of the Corporation at a price of $0.80 for a period of 18 months from the date of issuance.

It is expected that the closing of the Offering will occur on or about December 29, 2005, subject to regulatory approval. All the terms of the Offering are subject to the approval of the TSX Venture Exchange.

In addition, Mr. Benson also announced today that Nordic Oil and Gas Ltd. had signed a Pooling Agreement with two industry leaders for the drilling of a new well on section 6-38-24 W4 in Joffre. "We expect that this well will be spud in January 2006," he said.

For further information contact Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. at (204) 956-5042.

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