Growth Through Successful Exploration and Drilling Strategies

February 22, 2008 NEWS RELEASE Nordic Oil and Gas Ltd. Announces Initial 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. (February 22, 2008) - 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 flow-through units (the “Offering”). The Corporation issued 2,416,094 flow-through units (the “Units”) at a price of $0.425 per Unit for gross proceeds of $1,026,840 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 $0.65 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 $0.60 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. A second closing is expected to take place in early March 2008. In other news, Mr. Benson also noted today that a recent article in the Regina Leader-Post stated the surge of drilling activity in the Preeceville, Saskatchewan area is due largely to the work that Nordic Oil and Gas has been undertaking in the region. "As a result of our exploration work, there are now many companies exploring in the area," Mr. Benson said. Ed Dancsok, Director of the Geology and Petroleum lands branch of Saskatchewan Energy and Resources, is quoted in the article as saying, “the Preeceville area has seen about 50 wells drilled in the last three or four years.” He went on to say, “Nordic's exploratory work has led to an influx of about five to 10 companies into the Preeceville area, including PanTerra Resource Corp., Vermillion Energy Trust, Propel Energy Corp. and even Hunt Oil Canada, the subsidiary of giant Hunt Oil of Dallas, Texas, which has drilled a half dozen wells. “ "We're hopefully going to make a huge discovery here," Mr. Benson said. "We believe it's going to be light crude. We have acquired a tremendous amount of land in the region, consisting of about 112,000 acres and we expect this will be a very substantial new area for Saskatchewan, and we'll be right in the heart of it." 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. 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. 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