Nordic Oil and Gas announces new debenture financing



    WINNIPEG, April 23 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or the "Company"), (TSXV: NOG)
today announced a proposed non-brokered, private placement financing of
secured convertible debt instruments ("Debentures") of up to $3 million.
    The conversion terms will allow each holder to covert the Debentures into
common shares of Nordic Oil and Gas at any time within 36 months of their
issuance at a conversion price of $0.20 per share. The Debentures will come
with a 15% interest payable semi-annually. The Debentures will be fully
secured by a first charge on the Company's Lloydminster property. In its
Reserve and Economic Evaluation report for the year ended December 31, 2008,
Nordic's Lloydminster assets were valued in excess of $12 million at 10%
discount rate.
    Commenting on the proposed financing, Mr. Benson stated: "With our stock
currently trading at present levels, some may view the $0.20 conversion rate
as being high; however, it is our view that this rate is more than fair in
light of the three-year conversion term and the 15% return on the investment."
    Mr. Benson added that the funds will be used to continue Nordic's
exploration and development drilling initiatives in both Alberta and
Saskatchewan.

    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 Corporation is listed on the TSX Venture
Exchange and trades under the symbol NOG. Nordic is one of the "2008 TSX
Venture 50" companies, a ranking of the top 10 public venture capital
companies in five industry sectors listed on the TSX Venture Exchange.

    
    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of the contents of this News
    Release.
    

    This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Company expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Company believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in forward looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking
statements include market prices, exploration and drilling success, continued
availability of capital and financing and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and opinions of
the Company's management on the date the statements are made. The Company
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
should change.

    %SEDAR: 00015188E




For further information:

For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, E-mail: dbenson57@shaw.ca; Don
Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 229-7751, Fax.
(204) 943-1829, E-mail: donbain1@mts.net, www.nordicoilandgas.com

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Nordic Oil & Gas Ltd.

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