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



    /THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
    DISTRIBUTION TO U.S. NEWS WIRE SERVICES/

    WINNIPEG, Sept. 14 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the
closing of the Corporation's previously announced private placement offering
of units (the "Offering"). The Corporation issued 752,500 units (the "Units")
at a price of $0.20 per Unit for gross proceeds of $150,500 to various
subscribers. Each Unit consisted of one Class A common share of the
Corporation 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 entitles the holder thereof to purchase one
regular Class A common share of the Corporation at a price of $0.30 for a
period of two years from the date of issuance.
    Certain finders assisted the Corporation by introducing potential
subscribers for the Offering and each finder received fees equal to 6% of the
purchase price of the Units sold to subscribers for the Offering introduced by
such finder as well as warrants ("Finder's Warrants") equal to 8% of the
number of Units sold to subscribers for the Offering introduced by such
finder. Each Finder's Warrant entitles the holder thereof to purchase one
regular Class A common share of the Corporation at a price of $0.30 for a
period of 24 months from the date of issuance.
    The closing of the Offering is subject to the final approval of the TSX
Venture Exchange.
    Mr. Benson also announced that the Corporation intends to undertake an
additional private placement offering (the "Additional Offering") of up to
2,352,941 units (the "Additional Units") at a price of $0.17 per Additional
Unit for gross proceeds of up to $400,000. Each Additional Unit will consist
of one Class A common share of the Corporation and one half of one Class A
common share purchase warrant (an "Additional Warrant"). Each whole Additional
Warrant will entitle the holder thereof to purchase one regular Class A common
share of the Corporation at a price of $0.30 for a period of 24 months from
the date of issuance.
    Certain finders are expected to assist the Corporation by introducing
potential subscriber(s) for the Additional Offering and, subject to compliance
with applicable legislation, will be entitled to receive fees equal to 6% of
the purchase price of the Additional Units sold pursuant to the Additional
Offering as well as warrants ("Additional Finder's Warrants") equal to 8% of
the number of Additional Units sold pursuant to the Additional Offering. Each
Additional Finder's Warrant shall entitle the holder thereof to purchase one
regular Class A common share of the Corporation at a price of $0.30 for a
period of 24 months from the date of issuance.
    In addition, Mr. Benson stated that the Corporation also intends to
undertake a further private placement offering of 5,000,000 units at a price
of $0.20 per Unit for gross proceeds of $1,000,000 to various subscribers.
Each Unit would consist of one Class A common share of the Corporation 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. Each whole Warrant
would entitle the holder thereof to purchase one regular Class A common share
of the Corporation at a price of $0.30 for a period of two years from the date
of issuance.
    All terms of the two Additional Offerings are subject to the approval of
the TSX Venture Exchange.
    In other news, Mr. Benson also announced today that the Corporation has
made a second down payment on the lands it is acquiring in Alberta, as per its
News Release dated June 29, 2007. The date for final closing of the
transaction is October 1, 2007, and is subject to customary industry
regulations and conditions. The Corporation entered into an agreement to
acquire approximately 8,000 acres of Petroleum & Natural Gas leases in the
Peace River Arch and Lloydminster regions of Alberta. Nordic will acquire
these assets for cash considerations of $200,000, plus 1.5 million Class A
Common Shares of the Corporation at a price of $0.30 per share, for a total
acquisition price of $650,000.

    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.

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

    %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,
www.nordicoilandgas.com

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Nordic Oil & Gas Ltd.

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