July 30, 2007 Newsrelease

July 30, 2007

NORDIC ANNOUNCES DRILLING OF NEW BASAL BELLY RIVER WELL AND OFFERING OF SECURITIES

WINNIPEG, MB. (July 30, 2007) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“Nordic” or the “Corporation”), today announced that the Corporation has drilled its 11th well, and it believes the second to encounter gas, in the Basal Belly River zone in Joffre, Alberta, Canada.

Both the gas detector and the open hole well logs indicate the presence of gas in the Edmonton Group (Coal Bed Methane), the middle to upper Belly River zone and, most importantly, in the Basal Belly River zone.

“Our other Basal Belly River well in the area, the 3-18-38-24 W4, produced at a level of 900,000-to-1 million cubic feet per day between October and December 2004,” stated Mr. Benson.

Nordic plans to perforate the new well over the next few days. The cost to drill and case the well was significantly less than previous wells the Corporation has drilled in the area.

The Corporation also today announced an offering (the “Offering”) of up to 1 million Units of Nordic at a price of $0.20 per Unit. 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 a Class A common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.30 per share for a period of two years from the date of issuance. The Corporation may be assisted in the Offering by one or more finders who may receive compensation in the form of cash or warrants to purchase Class A common shares of the Corporation.

All the terms of the Offering are subject to the approval of the TSX Venture Exchange.

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 Company 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