October 1, 2007 Newsrelease

October 1, 2007

Nordic Oil and Gas Ltd. Announces Closing of Private Placement Offering

For Immediate Release
This News Release is not for dissemination in the United States or for distribution to U.S. news wire services

WINNIPEG, MB. (October 1, 2007) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (“Nordic” or the “Corporation”), today announced the closing of a private placement offering (the “Offering”) of Units of the Corporation (the “Units”) at a price of $0.17 per Unit. The Corporation issued 600,000 Units to a member of the FrontierAlt Group for aggregate gross proceeds of $102,000. Each Unit consists of one Class A common share of the Corporation plus one-half of one Class A common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder thereof to purchase one Class A common share of the Corporation at a price of $0.30 per share for a period of two years from the date of issuance. The securities issued pursuant to the Offering are subject to a four-month holding period, ending February 2, 2008.

MAK Allen & Day Capital Partners was paid a finder’s fee equal to 6% of the purchase price of the Units sold pursuant to the Offering and was issued 48,000 Warrants as partial compensation for its services.

About Nordic Oil and Gas Ltd.

Nordic Oil and Gas Ltd. is a junior oil and gas company engaged in the exploration and development of oil, natural gas and Coal Bed Methane in Alberta and Saskatchewan. The Company is listed on the TSX Venture Exchange and trades under the symbol NOG.

The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of the contents of this News 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