June 22, 2006 Newsrelease

June 22, 2006

NORDIC OIL AND GAS LTD. ANNOUNCES AMENDMENT TO PRIVATE PLACEMENT OFFERING

WINNIPEG, MB. (JUNE 22, 2006) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced an amendment to the terms of the Corporation’s previously announced offering on May 11, 2006 (the “Offering”), of Class A common shares to be issued as “flow-through shares” within the meaning of the Income Tax Act (Canada) (the “Flow-Through Shares”), and units of the Corporation (“Units”). Pursuant to the Offering, the Corporation will offer: (i) up to 5,000,000 Flow-Through Shares at a price of $0.40 per Flow-Through Share for gross proceeds of up to $2,000,000; and (ii) up to 5,714,286 Units at a price of $0.35 per Unit for gross proceeds of up to $2,000,000. Each Unit is comprised of one Class A common share and one-half of one Class A common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one Class A common share at a price of $0.50 for a period of 18 months from the date of issuance. All other terms of the Offering remain the same.

It is expected that the initial closing of the Offering will take place during the week of June 26, 2006. All terms of the Offering are subject to the approval of the TSX Venture Exchange.

Nordic Oil and Gas Ltd. is a junior oil and gas company listed on the TSX Venture Exchange. It 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