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



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

    WINNIPEG, Oct. 1 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or the "Corporation"), today
announced the closing of a private placement offering (the "Offering") of
Units of the Corporation (the "Units") at a price of $0.17 per Unit. The
Corporation issued 600,000 Units to a member of the FrontierAlt Group for
aggregate gross proceeds of $102,000. Each Unit consists of one Class A common
share of the Corporation plus one-half of one Class A common share purchase
warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to
purchase one Class A common share of the Corporation at a price of $0.30 per
share for a period of two years from the date of issuance. The securities
issued pursuant to the Offering are subject to a four-month holding period,
ending February 2, 2008.
    MAK Allen & Day Capital Partners was paid a finder's fee equal to 6% of
the purchase price of the Units sold pursuant to the Offering and was issued
48,000 Warrants as partial compensation for its services.

    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 Company 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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