February 3, 2003

NORDIC OIL AND GAS OBTAINS WELL LICENSE TO COMMENCE DRILLING AT JOFFRE;
ACQUIRES ADDITIONAL LAND AND OPTIONS FOR OTHER SITES

WINNIPEG - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd., an emerging oil and gas exploration, development and production company, announced today that the Company has obtained a well license to commence drilling at its Joffre, Alberta property. In addition, the Company acquired a significant interest in certain lands in the area along with options on certain others, and completed the processing of its initial seismic survey in the Preeceville area of south-central Saskatchewan. "We have obtained our well license to drill in the Joffre area," stated Mr. Benson. "We now are awaiting the arrival of a rig to commence drilling. "Also, we have acquired an additional 42.5% interest in a well and associated lands in the Joffre area," he added. "This brings our total interest in the section to 85%."

Mr. Benson went to on say that the Company has secured an option to acquire 640 acres adjoining its present land in Joffre, and it plans to test the Ellerslie formation. The seismic work on 14 kilometres of land in Preeceville that was completed in December has now been processed, and, said Mr. Benson, "We are contemplating additional seismic surveys over the lands in the coming months."

Joffre, the Company's core area, is located in west-central Alberta, approximately 30 kilometres northeast of Red Deer, and is a rich hydrocarbon area of the province. Nordic Oil and Gas Ltd. currently is listed on the TSX Venture Exchange (TSXV: 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