Nordic Oil and Gas Cancels Previously Announced Private Placement
Flow-Through Offering & Replaces it with Another at Lower Price

WINNIPEG, Feb. 10 /CNW/ - Donald Benson, President of Nordic Oil and Gas Ltd. ("the Company" or "Nordic") announced today that the Company has cancelled its previously announced non-brokered Private Placement Offering of 20,000,000 Flow-Through units at a price of $0.15 per unit and has applied to the TSX Venture Exchange for a new non-brokered Private Placement Offering of 30,000,000 Flow-Through units at a price of $0.10 per unit, for gross proceeds of $3,000,000.

Each new unit will consist of one Class A common share of the Company issued as a "Flow-Through share" within the meaning of the Income Tax Act (Canada) and one-half of one Class A common share purchase Warrant ("a Warrant"). Each whole Warrant would entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.11 for a period of 18 months from the date of issuance.

The securities issued pursuant to the Offering are subject to a four-month holding period from the date of closing. The Company anticipates multiple closings in the coming weeks.

Certain finders are expected to assist the Company by introducing potential subscriber(s) to the new Offering and, subject to compliance with applicable legislation, will be entitled to receive fees equal to 8% of the purchase price of the new Units sold pursuant to the new Offering, as well as warrants ("Finder's Warrants") equal to 8% of the number of new Units sold pursuant to the new Offering. Each new Finder's Warrant shall entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.11 for a period of 18 months from the date of issuance.

All terms of the new Offering are subject to the approval of the TSX Venture Exchange.

"A portion of the funds generated from the new Offering will be used to drill a new deep test well - at 1,500 metres - on our Talbot Lake property at 10-32-94-11 W5, with the remainder of the money used to drill an additional seven new heavy wells at Lloydminster," stated Mr. Benson.

"We are particularly excited about the potential of our new well in Talbot Lake," he added. "Recent interpretation of the seismic shot in the area indicates that the location of our new test well not only correlates directly with an historic oil well drilled just three miles to the south of us, but we are also only 18 miles due north of the Sawn Lake Field A light oil project, consisting of more than 40 wells."

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.

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.

%SEDAR: 00015188E

SOURCE Nordic Oil & Gas Ltd.

For further information: For further information: Don Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 832-7717, Fax. (204) 943-1829, E-mail: donbain1@mts.net

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Nordic Oil & Gas Ltd.

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