Nordic Oil and Gas Ltd. Issues New Stock Options to Officers, Directors and Certain Consultants

WINNIPEG, May 2 /CNW/ - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. ("Nordic" or, "the Company"), today announced that pursuant to the terms and conditions of its Stock Option Plan, the Board of Directors ("the Board") has approved the granting of 1,185,000 stock options to directors and officers of the Company, along with selected Nordic consultants and employees. The options, which are effective immediately, are priced at $0.10 per share and will run for a period of five years from today's date.

The Company currently has 91,761,418 issued and outstanding Class A Common shares listed on the TSX Venture Exchange.

The issuance of the stock options is subject to regulatory approval.

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.

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration and drilling success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Corporation's management on the date the statements are made. The Corporation undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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.

SOURCE Nordic Oil

For further information:

Don Bain
Corporate Secretary
Nordic Oil and Gas Ltd.
Tel. 204-943-1810
Fax. 204-943-1829
E-mail: donbain1@mts.net
www.nordicoilandgas.com
Twitter: www.twitter.com/Nordic_Oil

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Nordic Oil & Gas Ltd.

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