Growth Through Successful Exploration and Drilling Strategies

February 1, 2008 NEWS RELEASE NORDIC OIL AND GAS ANNOUNCES TWO NEW PRIVATE PLACEMENT OFFERING WINNIPEG, Manitoba - (February 1, 2008) ­ Donald Benson, President of Nordic Oil and Gas Ltd. (“the Company” or ”Nordic”) announced today that the Company intends to undertake two new non-brokered private placement offerings – one for up to 5,882,235 units at a price of $0.425 per Unit for gross proceeds of $2,500,000 to various subscribers, and the other for up to 3,750,000 Units at a price of $0.40 per Unit, for gross proceeds of $1,500,000. Each Unit priced at $0.425 will consist of one Class A common share of the Company 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 would entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.65 for a period of two years from the date of issuance. Each Unit priced at $0.40 will consist of one Class A common share of the Company plus one-half of one Class A common share purchase Warrant. Each whole Warrant would entitle the holder thereof to purchase one Class A common share of the Company at a price of $0.60 per share for a period of two years from the date of issuance. The securities issued pursuant to the Offerings are subject to a four-month holding period, from the date of closing. Certain finders are expected to assist the Company by introducing potential subscriber(s) to the new Offerings and, subject to compliance with applicable legislation, will be entitled to receive fees equal to 6% of the purchase price of the new Units sold pursuant to the new Offering as well as warrants (“Additional Finder’s Warrants”) equal to 8% of the number of new Units sold pursuant to the new Offering. Each new Finder’s Warrant shall entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.60 for a period of 24 months from the date of issuance. The Company anticipates multiple closings in the coming weeks. All terms of the new Offerings are subject to the approval of the TSX Venture Exchange. Nordic Oil and Gas is set to embark on several new exploration and development initiatives in 2008, including its drilling program in Preeceville, SK, and the development of its lands in Lloydminster and the Peace River Arch area of Alberta. “It is our intention to use the money raised to fulfil our Capital Expenditures program this year of $7 million,” Mr. Benson said. “As we have stated previously, we will commence drilling our first two wells in Preeceville during the first quarter, and we also intend to commence a new drilling program in Lloydminster and Joffre as soon as possible. These new funds will allow us to move forward with these and other initiatives with greater expediency.” 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. This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration and drilling success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Corporation’s management on the date the statements are made. The Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. 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