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



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

    WINNIPEG, March 14 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the
second closing of the Corporation's previously announced private placement
offerings of flow-through units and non flow-through units (the "Offerings").
At the closing, the Corporation issued 2,131,055 flow-through units (the
"Flow-Through Units") at a price of $0.425 per Flow-Through Unit for gross
proceeds of $905,698 to various subscribers. Each Flow-Through 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) (a "Flow-through
Share") and one half of one Class A common share purchase warrant (a
"Flow-Through Unit Warrant"). Each whole Flow-Through Unit Warrant entitles
the holder thereof to purchase one regular Class A common share of the
Corporation at a price of $0.65 for a period of two years from the date of
issuance.
    At the closing, the Corporation also issued 340,000 non flow-through
units (the "Non Flow-Through Units") at a price of $0.40 per Unit for gross
proceeds of $136,000 to various subscribers. Each Non Flow-Through Unit
consisted of one regular Class A common share of the Corporation (a "Share")
and one half of one Class A common share purchase warrant (a "Non Flow-Through
Unit Warrant"). Each whole Non Flow-Through Unit Warrant entitles the holder
thereof to purchase one regular Class A common share of the Corporation at a
price of $0.60 for a period of two years from the date of issuance. The
securities issued pursuant to the Offerings will be restricted from transfer
for a period of four months and a day from the date hereof in accordance with
applicable securities laws and the policies of the TSX Venture Exchange.
    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 Flow-Through Units and Non Flow-Through Units sold to
subscribers for the Offerings introduced by such finder as well as warrants
("Finder's Warrants") equal to 8% of the number of Flow-Through Units and
Units sold to subscribers for the Offerings 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 $0.60 for a period of 24 months
from the date of issuance.
    The closing of the Offerings are subject to the final approval of the TSX
Venture Exchange. The Corporation also received extensions from the TSX
Venture Exchange for both of the Offerings to March 28, 2008.

    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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