November 24, 2003

NORDIC OIL AND GAS ANNOUNCES PROPOSED PRIVATE PLACEMENT OF $120,000

WINNIPEG, Nov. 24 /CNW/ - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the "Company"), today announced the intention of the Company to complete a private placement to a Canadian institutional investor. A total of $120,000 in gross proceeds is to be raised through the sale of 300,000 common shares of the Company, issued on a flow-through basis, at a price of $0.40 per share. This private placement is in addition to the proposed private placement of 1,000,000 common shares to another institutional investor announced by the Company on November 13, 2003. The transaction is subject to the approval of the TSX Venture Exchange.

Wellington West Capital Inc., an independent investment dealer headquartered in Winnipeg, acted as placement agent on the transaction and will be paid a commission fee of 7% of the gross proceeds raised. In addition, the Agent will receive non-flow-through broker warrants to purchase common shares of the Company at a price of $0.40 per share in an amount equal to 10% of the offering exercisable for 24 months from the date of issuance. It is expected that both private placements will close this week, subject to regulatory approval.

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