November 27, 2003

NORDIC OIL AND GAS ANNOUNCES THIRD QUARTER AND NINE MONTH FINANCIAL RESULTS

WINNIPEG, Nov. 27 /CNW/ - Nordic Oil and Gas Ltd. (TSX-VEN: NOG) today reported the results of operations for its third quarter and nine-month period ended September 30, 2003. All amounts referenced herein are in Canadian dollars.

Revenue for the nine months ended June 30, 2003 totaled $220,196, up significantly from the $966 reported for the same period in 2002. This year's total included $157,355 in oil and gas revenue, compared to no revenue during the same period a year ago. Net income for the first three quarters of 2003 was $57,746 compared to a net loss of $61,156 for the first nine months last year. Cash and cash equivalents improved from a year ago at $122,985 versus $33,591 in 2002. Total assets as at September 30, 2003 were $1,654,850 as opposed to $49,567 for the same period last year.

The strong financial results for the first nine months of 2003 are a continuation of those reported at the end of the first half of the year, and are attributed mainly to the active drilling program the Company has undertaken in Joffre, Alberta during the past several months. Other highlights during the third quarter included:

• In July, the Company announced that it had completed testing of its first natural gas well at Joffre and that the well would be placed on production;
• In August, the Company announced that as a result of positive results from its seismic survey in Preeceville, it planned to drill an exploration well on these lands.

Subsequent to the end of the quarter, Nordic Oil and Gas announced significant initiatives were underway at both Joffre and Preeceville. Testing of the Company's second natural well commenced at Joffre and that testing would be completed later in the year. In addition, the Company's initial natural gas well at Joffre, drilled in May 2003, went onto production on October 1, 2003. In late October, the Company announced that its latest well at Joffre flow tested at 650 MCF per day. In Preeceville, well licenses have been issued for the three initial wells to be drilled there.

In November, Nordic Oil and Gas announced its intention to complete two separate private placement transactions with two Canadian institutional investors. The first, announced on November 14, was in the amount of $400,000 in gross proceeds, to be raised through the sale of 1 million common shares of the Company on a flow-through basis, at a price of $0.40 per share. The second was in the amount of $120,000 in gross proceeds, 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. These private placements closed on November 27, 2003.

Commenting on both the financial results and the Company's operational activities to date, Donald Benson, Nordic Oil and Gas's Chairman and Chief Executive Officer said: "We are pleased with the financial results that we have achieved thus far and I am optimistic that this trend will continue for the balance of the year."

"In addition, we are particularly happy to have completed drilling our first two wells in Joffre and we look forward to similar success in Preeceville, where we have just commenced drilling our first well. The new financing has put the Company on solid financial ground and will enable us to not only build upon our accomplishments thus far in 2003, but also move forward at a greater pace with our drilling and development programs in both location," 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