Nordic Oil and Gas Announces Shares for Debt Settlements

WINNIPEG, Feb. 11 /CNW/ - Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the "Company" or "Nordic"), (TSXV: NOG) announces that Nordic has entered into debt settlement agreements with six un-related parties for trade services, whereby aggregate debt of $117,351.48 will be settled through the issuance of 977,929 Class A Common Shares of the Company at a deemed price of $0.12 per share.

The completion of the shares for debt settlement has been approved by the TSX Venture Exchange and the shares are being issued today.

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 was 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 press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. properties, and matters concerning the business, operations, strategy, and financial performance of Nordic. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and Nordic does not undertake any obligation to update such statements except as required by law.

SOURCE Nordic Oil

For further information:

Don Bain 
Nordic Oil and Gas Ltd.                                                           
Tel. 204-229-7751                                                           
Fax: 204-943-1829                                   
E-mail: donbain1@mts.net
www.nordicoilandgas.com

Organization Profile

Nordic Oil & Gas Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890