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November 28 , 2005

NORDIC OIL AND GAS ANNOUNCES FINANCIAL RESULTS FOR FIRST NINE MONTHS OF 2005

WINNIPEG, MB. (NOVEMBER 28, 2005) – Nordic Oil and Gas Ltd. (TSXV: NOG) today announced the Company’s financial results from operations for its third quarter and nine-months ended September 30, 2005. All amounts referenced herein are in Canadian dollars.

Revenue for the first nine months of 2005 totaled $1,028,509 down from the $1,340,255 reported for the same period in 2004. This year's total includes $936,938 in oil and gas revenue, compared to $1,152,736 during the first nine months of 2004. Total assets as at September 30, 2005 were $3,032,283 up approximately $500,000 from the $2,578,469 as at the same date in 2004. The primary reason for the growth in assets to date this year is the increase in Term Deposits to $500,945 from $200,321 a year ago and the increase in accounts receivable to $422,669 versus $233,202 for the same period in 2004. Cash flow before depletion and amortization expenses and stock option expenses totaled $334,338 for the first nine months of the year. The Company recorded a net loss of $46,440 for the nine months under review.

Nordic also announced that the Board of Directors has conditionally approved the issuance of up to 300,000 stock options to officers, directors and specific consultants of the Company. The number of options represents 10% of the 3,000,000 new units that will be issued as a result of the new financing now underway.

“Our cash and cash equivalents continue to remain strong as we near the end of 2005 and this will be substantially supplemented when we close the financing that was recently announced,” stated Donald Benson, Nordic’s Chairman and CEO. “It should also be noted that revenue is expected to increase in the fourth quarter of 2005. We were shut-in for a week in September due to a facilities turnaround, which adversely affected our revenue for the third quarter. Continuous production plus the tie-in of two new wells will result in higher revenue during the fourth quarter.”

The Company has recently announced several important initiatives, including the following:

-- The Company commenced shooting 28.2 kilometres of seismic on its Cote First Nation land near Kamsack in September. A total of four lines of seismic were shot over the Cote lands and the work was completed in late October. The data is being analyzed and results will be announced in the coming weeks.

-- The Company licensed its 14-14-39-5 W2 well in Preeceville and drilling will take place at the end of November/early December. A rig has been secured and will be deployed to the area by the end of November. The well will be drilled to a depth of approximately 400 metres.

-- In early November, the Company announced its intention to undertake an offering of up to 2,500,000 units (the “Units”) at a price of $0.40 per Unit for aggregate gross proceeds of up to $1,000,000, by way of a Short Form Offering Document (the “SFOD”). This was subsequently amended to 3,000,000 units. Each Unit will consist of one Flow-Through Common Share, within the meaning of the Income Tax Act (Canada), plus one-half of a Share Purchase Warrant (the “Warrant”) of the Corporation. Each full Warrant will entitle the holder to purchase one regular Class A common share of the Corporation at a price of $0.60 for a period of one year from the date of issuance.

-- In mid-November, the Company signed an Agreement with a major Calgary-based exploration company specializing in Coal Bed Methane, to farm-out certain interests on two sections of land in the Joffre area. The Agreement calls for two new Coal Bed Methane (CBM) wells to be drilled on sections 18-38-24 W4 and 24-38-25 W4. It is anticipated that the first well will be drilled no later than January 2006 and the cost of drilling and completion of the first two wells will be for the account of the exploration company. Subsequent well costs will be shared on a 50-50 basis between the two companies.

Looking ahead to the remainder of 2005, Mr. Benson stated that the Company is extremely optimistic and excited about the current initiatives it has undertaken and how they will solidify the Company’s position as it moves into the start of 2006.

“Our financing will allow us to proceed more rapidly with our Coal Bed Methane program in Joffre, Alberta,” he stated. “There is potential for up to 8 new wells to be drilled on these two sections as part of our recently signed Agreement.

“In addition, we will be in a strong position to proceed with a drilling program on our Cote First Nation property near Kamsack, Saskatchewan, once the data has been processed from the seismic work that was completed there last month.”

Along with this, Mr. Benson added that the Company is keenly anticipating the drilling of its new well in Preeceville in the next few days: “The east-central region of Saskatchewan has become one of Western Canada’s ‘hottest areas’ for the exploration and development of natural gas, and we are very excited about our opportunities there.

 “Analysis of the recent seismic that was shot in the region identifies up to 80 exploration and development drillable locations - many deep exploratory gas and oil targets, which reinforces our optimism about the potential for both shallow and deeper gas plays in this region,” 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.The TSX Venture Exchange has neither approved nor disapproved the contents of this 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