Nordic Oil and Gas Files 2009 Reserves and Engineering Report

WINNIPEG, April 29 /CNW/ - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. ("Nordic" or the "Company"), today announced that the Company has filed its Statement of Reserves and Economic evaluation of Oil and Gas Properties, consistent with the requirements of Form 51-101. The independent reserve evaluation was prepared by Chapman Petroleum Engineering Ltd. ("Chapman") in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") - for the year ended December 31, 2009. The Company's statement of reserves data and other oil and gas information for the year ended December 31, 2009 (NI 51-101 F1, F2 and F3) have been filed on SEDAR and can be seen on the Company's profile at www.sedar.com.

The following tables summarize the oil and natural gas reserves and the value of future net revenue of the Company as evaluated by Chapman as at December 31, 2009 in its report dated March 9, 2010 (the "Chapman Report"), and summarized in the Company's NI 51-101 F1 filed on SEDAR. All evaluations of future revenue are after the deduction of future income tax expenses, unless otherwise noted in the tables, royalties, development costs, production costs and well abandonment costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The estimated future net revenue contained in the following tables does not necessarily represent the fair market value of the Company's reserves. There is no assurance that the forecast price and cost assumptions contained in the Chapman Report will be attained and variances could be material. Other assumptions and qualifications relating to costs and other matters are included in the Chapman Report. The recovery and reserves estimates on the Company's properties described herein are estimates only. The actual reserves on the Company's properties may be greater or less than those calculated.

    
                       SUMMARY OF OIL AND GAS RESERVES
            BASED ON FORECAST PRICES AND COSTS - AS AT 12/31/2009

                                       Company Reserves(1)
                      -------------------------------------------------------
                                       Natural      Coal Bed     Natural gas
                        Heavy Oil       Gas(9)       Methane       Liquids
                      ------------- ------------- ------------- -------------

                      Gross    Net  Gross    Net  Gross    Net  Gross    Net
    Reserves
     Category          MSTB   MSTB  MMscf  MMscf  MMscf  MMscf   Mbbl   Mbbl
    ----------------- ------ ------ ------ ------ ------ ------ ------ ------
    PROVED
      Developed
       Producing(2)(6)  139    126    261    232     69     66      1      1
      Developed Non-
       Producing(2)(7)   89     75    388    334    273    235      0      0
      Undeveloped
       (2)(8)           140    119      0      0      0      0      0      0
                      ------ ------ ------ ------ ------ ------ ------ ------
    TOTAL PROVED(2)     368    321    649    566    341    301      1      1
    TOTAL PROBABLE(3)   372    300  1,219  1,031    265    234      3      3
                      ------ ------ ------ ------ ------ ------ ------ ------

    TOTAL PROVED +
     PROBABLE(2)(3)     740    620  1,869  1,597    606    535      4      3
                      ------ ------ ------ ------ ------ ------ ------ ------
                      ------ ------ ------ ------ ------ ------ ------ ------

    TOTAL POSSIBLE(4)     -      -      -      -      -      -      -      -
                      ------ ------ ------ ------ ------ ------ ------ ------
    TOTAL PROVED +
     PROBABLE +
     POSSIBLE           740    620  1,869  1,597    606    535      4      3
                      ------ ------ ------ ------ ------ ------ ------ ------
    Note: (1) Includes associated, non-associated and solution gas where
              applicable.



                        SUMMARY OF NET PRESENT VALUES
            BASED ON FORECAST PRICES AND COSTS - AS AT 12/31/2009


                                   Net Present Values of Future Net Revenue
                                 --------------------------------------------
                                               Before Income Tax
                                                 Discounted at
                                 --------------------------------------------
                                  0%/yr.   5%/yr.   10%/yr.  15%/yr.  20%/yr.

    Reserves Category               $M       $M       $M       $M       $M
                                 -------- -------- -------- -------- --------

    PROVED
      Developed Producing(2)(6)    6,740    5,705    4,913    4,310    3,840
      Developed Non-
       Producing(2)(7)             6,092    4,838    3,953    3,304    2,817
      Undeveloped(2)(8)            3,296    2,568    1,990    1,525    1,147
                                 -------- -------- -------- -------- --------
    TOTAL PROVED(2)               16,127   13,111   10,855    9,139    7,803
    TOTAL PROBABLE(3)             18,926   14,131   11,123    9,055    7,546
                                 -------- -------- -------- -------- --------
    TOTAL PROVED +
     PROBABLE(2)(3)               35,053   27,242   21,978   18,194   15,350
                                 -------- -------- -------- -------- --------
                                 -------- -------- -------- -------- --------
    TOTAL POSSIBLE(4)                  -        -        -        -        -
                                 -------- -------- -------- -------- --------
    TOTAL PROVED + PROBABLE
     + POSSIBLE                   35,053   27,242   21,978   18,194   15,350
                                 -------- -------- -------- -------- --------
                                 -------- -------- -------- -------- --------


                                   Net Present Values of Future Net Revenue
                                 --------------------------------------------
                                               After Income Tax
                                                 Discounted at
                                 --------------------------------------------
                                  0%/yr.   5%/yr.   10%/yr.  15%/yr.  20%/yr.

    Reserves Category               $M       $M       $M       $M       $M
                                 -------- -------- -------- -------- --------

    PROVED
      Developed Producing(2)(6)    6,740    5,705    4,913    4,310    3,840
      Developed Non-
       Producing(2)(7)             4,724    3,802    3,149    2,666    2,301
      Undeveloped(2)(8)            2,438    1,810    1,317      926      611
                                 -------- -------- -------- -------- --------
    TOTAL PROVED(2)               13,902   11,317    9,378    7,902    6,751
    TOTAL PROBABLE(3)             14,304   10,566    8,232    6,635    5,476
                                 -------- -------- -------- -------- --------
    TOTAL PROVED +
     PROBABLE(2)(3)               28,205   21,882   17,609   14,537   12,228
                                 -------- -------- -------- -------- --------
                                 -------- -------- -------- -------- --------
    TOTAL POSSIBLE(4)                  -        -        -        -        -
                                 -------- -------- -------- -------- --------
    TOTAL PROVED + PROBABLE
     + POSSIBLE                   28,205   21,882   17,609   14,537   12,228
                                 -------- -------- -------- -------- --------
                                 -------- -------- -------- -------- --------



       OIL AND GAS RESERVES AND NET PRESENT VALUES BY PRODUCTION GROUP
                     BASED ON FORECAST PRICES AND COSTS


                                                                Net    Unit
                                    Reserves                  Present Values
                    -----------------------------------------  Value    at
                         Oil          Gas(9)         NGL       (BIT)  10%/yr
                    ------ ------ ------ ------ ------ ------ ------- -------
    Reserve Group   Gross    Net  Gross    Net  Gross    Net    10%
     by Category     MSTB   MSTB  MMscf  MMscf   Mbbl   Mbbl     M$
    --------------- ------ ------ ------ ------ ------ ------ ------- -------
    Heavy Oil
    ---------
    Proved
      Developed
       Producing      139    126      -      -      -      -   4,157   32.99
      Developed
       Non-Producing   89     75      -      -      -      -   2,543   33.91
      Undeveloped     140    119      -      -      -      -   1,900   16.72
                    ------ ------ ------ ------ ------ ------ ------- -------
    Total Proved      368    321      -      -      -      -   8,689   27.07
    Probable          372    300      -      -      -      -   8,678   28.93
                    ------ ------ ------ ------ ------ ------ ------- -------
    Proved Plus
     Probable         740    620      -      -      -      -  17,367   28.01
    Possible            -      -      -      -      -      -       -       -
                    ------ ------ ------ ------ ------ ------ ------- -------
    Proved +
     Probable +
     Possible         740    620      -      -      -      -  17,367   28.01

    Assoc & Non-
    ------------
     Assoc Gas
     ---------
    Proved
      Developed
       Producing        -      -    261    232      1      1     542    2.34
      Developed
       Non-Producing    -      -    388    334      0      0   1,121    3.36
      Undeveloped       -      -      0      0      0      0       0       0
                    ------ ------ ------ ------ ------ ------ ------- -------
    Total Proved        -      -    649    566      1      1   1,663    2.94
    Probable            -      -  1,219  1,031      3      3   2,039    1.98
                    ------ ------ ------ ------ ------ ------ ------- -------
    Proved Plus
     Probable           -      -  1,869  1,597      4      3   3,703    2.32
    Possible            -      -      -      -      -      -       -       -
                    ------ ------ ------ ------ ------ ------ ------- -------
    Proved +
     Probable +
     Possible           -      -  1,869  1,597      4      3   3,703    2.32

    Coal Bed Methane
    ----------------
    Proved
      Developed
       Producing        -      -     69     66      0      0     214    3.24
      Developed
       Non-Producing    -      -    273    235      0      0     289    1.23
      Undeveloped       -      -      0      0      0      0       0     n/a
                    ------ ------ ------ ------ ------ ------ ------- -------
    Total Proved        -      -    341    301      0      0     503    1.67
    Probable            -      -    265    235      0      0     404    1.72
                    ------ ------ ------ ------ ------ ------ ------- -------
    Proved Plus
     Probable           -      -    606    535      0      0     908    1.70

    Notes:
    (1) "Gross Reserves" are the Company's working interest (operating or
        non-operating) share before deducting of royalties and without
        including any royalty interests of the Company. "Net Reserves" are
        the Company's working interest (operating or non-operating) share
        after deduction of royalty obligations, plus the Company's royalty
        interests in reserves.
    (2) "Proved" reserves are those reserves that can be estimated with a
        high degree of certainty to be recoverable. It is likely that the
        actual remaining quantities recovered will exceed the estimated
        proved reserves.
    (3) "Probable" reserves are those additional reserves that are less
        certain to be recovered than proved reserves. It is equally likely
        that the actual remaining quantities recovered will be greater or
        less than the sum of the estimated proved plus probable reserves.
    (4) "Possible" reserves are those additional reserves that are less
        certain to be recovered than probable reserves. It is unlikely that
        the actual remaining quantities recovered will exceed the sum of the
        estimated proved plus probable plus possible reserves.
    (5) "Developed" reserves are those reserves that are expected to be
        recovered from existing wells and installed facilities or, if
        facilities have not been installed, that would involve a low
        expenditure (e.g. when compared to the cost of drilling a well) to
        put the reserves on production.
    (6) "Developed Producing" reserves are those reserves that are expected
        to be recovered from completion intervals open at the time of the
        estimate. These reserves may be currently producing or, if shut-in,
        they must have previously been on production, and the date of
        resumption of production must be known with reasonable certainty.
    (7) "Developed Non-Producing" reserves are those reserves that either
        have not been on production, or have previously been on production,
        but are shut in, and the date of resumption of production is unknown.
    (8) "Undeveloped" reserves are those reserves expected to be recovered
        from known accumulations where a significant expenditure (for
        example, when compared to the cost of drilling a well) is required to
        render them capable of production. They must fully meet the
        requirements of the reserves classification (proved, probable,
        possible) to which they are assigned.
    (9) Includes associated, non-associated and solution gas where
        applicable.
    

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.

%SEDAR: 00015188E

SOURCE Nordic Oil & Gas Ltd.

For further information: For further information: 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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