Click Here To Go Back To Home Page

November 30, 2006

NORDIC OIL AND GAS LTD.  ANNOUNCES INITIAL CLOSING OF CONVERTIBLE DEBENTURE OFFERING                             

Application Made to Extend Expiry Date on Share Purchase Warrants Issued December 2005

WINNIPEG, Manitoba (November 30, 2006)- Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the initial closing of its previously announced private placement offering (the “Offering”) of 2-Year 8% Convertible Debentures (“Debentures”) in the aggregate principal amount of $539,000.  The Debentures are convertible into Class A common shares of the Corporation at the option of the holder at any time prior to maturity at a conversion price of $0.25 per share.

In connection with the initial closing of the Offering, the Corporation paid to Wellington West Capital Inc., the Corporation’s agent in connection with the Offering, a commission of 8% of the gross proceeds raised on the initial closing of the Offering.

In other news, Mr. Benson also announced today that the Corporation intends to make application to extend the expiry date, for a further 12-month period, on the Share Purchase Warrants that were issued in conjunction with its Private Placement Offering, as announced via News Release on December 14, 2005. The exercise price for each full Warrant, which was set at $0.60 and entitles the holder to acquire one Class A Common Share of the Corporation, remains unchanged.

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