June 10, 2005 Newsrelease

June 10, 2005

Nordic Oil and Gas Announces That Its Private Placement Financing Will Not Be Closing At This Time

WINNIPEG, MB. (June 10, 2005) - Nordic Oil and Gas Ltd. today announced that the Corporation's revised Private Placement Offering of up to 2,000,000 Flow-Through Share Units ("FT Units") at a price of $0.50 per Unit that was scheduled to close on or about May 27, 2005, will not be concluded at this time.

Donald Benson, Chairman and Chief Executive Officer, stated that Nordic would be pursuing both farm-in and joint venture opportunities in relation to the Company's drilling and exploration activities and that the Company was moving forward with its initiatives at each of its locations in Alberta and Saskatchewan.

"We fully intend to proceed with our drilling and development programs that we have planned at Joffre, Preeceville and Kamsack," he said. "We expect to drill two new Coal Bed Methane wells in Joffre, two shallow gas wells on our Cote First Nation's land near Kamsack and continue with our development work at our Preeceville property in the coming weeks.

"We remain extremely optimistic about our drilling and exploration initiatives and eagerly anticipate moving rigs into each of the areas in the immediate future," he added.

Nordic Oil and Gas is a junior oil and gas exploration company, which is listed on the TSX Venture Exchange and 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: 204-334-3764
E-mail: donbain@mts.net