Growth Through Successful Exploration and Drilling Strategies

June 30, 2008 NEWS RELEASE   Brokered Private Placement Completed; Nordic Receives Gross Proceeds of $2.5 Million For Immediate Release                                                                         WINNIPEG, MB. (June 30, 2008) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“Nordic” or, the “Company”), announced today that the previously announced brokered private placement financing (the “Offering”) with Raymond James Ltd. ("Raymond James") has been completed. The Offering, which was extended to a pre-determined, select group of Raymond James clients, consisted of 4,166,667 Units ("Units") at a price of $0.60 per Unit for total gross proceeds of $2.5 million. Each Unit consisted of one Class A common share of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one half of one Class A common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to purchase one non flow-through regular Class A common share of the Company at a price of $0.85 for a period of two years from the date of issuance. A cash selling commission of 7.5% of the gross proceeds raised was paid on this transaction to Raymond James Ltd. In addition, Nordic is also granting to Raymond James, broker warrants equal to 8% of the number of Units sold pursuant to the Offering. Each broker warrant entitles the holder thereof to purchase one non flow-through Class A common share of the Company at a price of $0.60 per share for a period of 24 months from the date of issuance. In addition, Raymond James was paid a corporate finance fee of $10,000, plus GST, and was reimbursed for its expenses by the Company In other news, Mr. Benson also stated today that the perforations testing and fracture stimulation is continuing at the Company’s previously drilled well in Preeceville, Saskatchewan. “We have encountered some minor delays in securing the fracing equipment necessary to complete the testing,” he said. “As such, we are not expecting to conclude the testing until July 7, following which will be issuing a further update.” 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. The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of the contents of this News Release. 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 Company 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 Company 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 Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.   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