November 30, 2004

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

WINNIPEG, MB. (NOVEMBER 30, 2004) -Nordic Oil and Gas Ltd. (TSXV: NOG) today reported the results of operations for its third quarter and nine-month period ended September 30, 2004. All amounts referenced herein are in Canadian dollars.

Revenue for the nine months ended September 30, 2004 totaled $1,340,254 up significantly from the $220,196 reported for the same period in 2003. The 2004 total included $1,152,736 in oil and gas revenue, compared to $220,196 during the first nine months of 2003. Cash and cash equivalents totaled $162,885 versus $122,985 in 2003. Total assets as at September 30, 2004 were $2,578,469 as opposed to $1,654,830 for the same period last year.

Net income for the first nine months of 2004 was $102,087 compared to $57,746 for the first nine months last year. However, when non-cash items such as stock option expenses, amortization and depletion are taken into account, net income for the nine-month period would have been $356,451, a substantial increase over the first nine months of 2003. This would represent a 26.5% Return on Revenue.

The solid growth in revenue and increased net income for the first three quarters of 2004 are a reflection of the strong and active drilling program the Company now has in place in Joffre, Alberta.

Commenting on both the financial results and the Company's operational activities to date, Donald P. Benson, Nordic Oil and Gas's Chairman and Chief Executive Officer said: "We continue to be pleased at the strength of both our drilling activities and the overall financial results as a whole thus far in 2004, and I remain optimistic that these results will improve even further as our oil and gas revenue increases throughout the remainder of the fourth quarter."

Nordic Oil and Gas Ltd.'s current production in Joffre now exceeds 800,000 cubic feet per day (800 MCFD). The Company has completed surveying in Sections 12 and 14 in Joffre and is in the process of pooling its interests in these two sections, with plans to drill those wells during the fourth quarter of 2004.

"Wells will be drilled in December, subject to rig availability," Mr. Benson stated. "These new wells would, in all likelihood, bring our production in the region to two MMCFD, which is the exit rate we are targeting for year-end."

Mr. Benson also noted the Company's excitement at the prospects of drilling for Coal Bed Methane (CBM) in the Belly River Basel. Drilling of an initial CBM well in Joffre has been completed, the Company's first test for Coal Bed Methane. It included coring and canister testing to prove the gas content and the potential amount that is recoverable. Analysis of the coring and canister testing will be completed over the coming months.

In addition, Nordic also ran a gas detector during the initial drilling and preliminary results have shown the Belly River Basel to be prospective. Logging analysis has already commenced with results expected by the end of the year.

"It is our hope that the well will be completed and produced as a Basal Belly River well initially and a Coal Bed Methane well at a later date," Mr. Benson stated. "However, if the gas in the Basal Belly River is non-productive, then we will proceed directly with the completion of the CBM well."

As part of its land holdings in Joffre, Nordic has an interest in 10 sections of land, which it believes, contain coal seams in the Horseshoe Canyon formation at a depth of approximately 300 - 500 metres. It is thought that the Coal Bed Methane from these seams is capable of producing 200 to 300 thousand cubic feet per day.

The Company also anticipates similar success in Preeceville. "We plan to conduct further seismic surveys in the region, which should yield additional locations for drilling," added Mr. Benson.

The Company has completed further testing of its initial well drilled in Preeceville and although no commercial volumes of gas were present, "tests indicated that gas was detected in water samples that were taken," Mr. Benson noted. "The presence of benzene in the water suggests there may be gas in the area."

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