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March 14 , 2008 NEWS RELEASE Nordic Oil and Gas Ltd. Announces Closing of Private Placement Offerings For Immediate Release                                                                                                     This press release is not for dissemination in the United States or for distribution to U.S. news wire services   WINNIPEG, MB. (March 14, 2008) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the second closing of the Corporation’s previously announced private placement offerings of flow-through units and non flow-through units (the “Offerings”). At the closing, the Corporation issued 2,131,055 flow-through units (the “Flow-Through Units”) at a price of $0.425 per Flow-Through Unit for gross proceeds of $905,698 to various subscribers. Each Flow-Through Unit consisted of one Class A common share of the Corporation issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (a “Flow-through Share”) and one half of one Class A common share purchase warrant (a “Flow-Through Unit Warrant”). Each whole Flow-Through Unit Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.65 for a period of two years from the date of issuance. At the closing, the Corporation also issued 340,000 non flow-through units (the “Non Flow-Through Units”) at a price of $0.40 per Unit for gross proceeds of $136,000 to various subscribers. Each Non Flow-Through Unit consisted of one regular Class A common share of the Corporation (a “Share”) and one half of one Class A common share purchase warrant (a “Non Flow-Through Unit Warrant”). Each whole Non Flow-Through Unit Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.60 for a period of two years from the date of issuance. The securities issued pursuant to the Offerings will be restricted from transfer for a period of four months and a day from the date hereof in accordance with applicable securities laws and the policies of the TSX Venture Exchange. Certain finders assisted the Corporation by introducing potential subscribers for the Offering and each finder received fees equal to 6% of the purchase price of the Flow-Through Units and Non Flow-Through Units sold to subscribers for the Offerings introduced by such finder as well as warrants (“Finder’s Warrants”) equal to 8% of the number of Flow-Through Units and Units sold to subscribers for the Offerings introduced by such finder. Each Finder’s Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.60 for a period of 24 months from the date of issuance. The closing of the Offerings are subject to the final approval of the TSX Venture Exchange. The Corporation also received extensions from the TSX Venture Exchange for both of the Offerings to March 28, 2008. 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.   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