Nordic Receives New Exploration Well License in Talbot Lake

Well site just 18 miles from prolific Sawn Lake Field with 40 active wells

WINNIPEG, March 3 /CNW/ - Donald Benson, President & CEO of Nordic Oil and Gas Ltd. ("the Company" or "Nordic") announced today that the Company has received its first new exploration well licenses in Talbot Lake, Alberta. The new well, 10-32-94-11W5, has been licensed as a deep exploration well, being drilled to a depth of 1,550 metres.

Being a winter drilling region, the Company's ability to drill this well is contingent on the weather. "We will do our utmost to get this well drilled before spring break-up," Mr. Benson stated, adding that Nordic needs only to drill to the surface casing in order to meet its lease requirements and retain five of the eight sections it has in Talbot Lake.

Nordic's geophysicist has identified this particular location as being a reef play, which he feels may be a replica of the nearby Sawn Lake Field reef play, a light oil project featuring more than 40 active wells. Recent interpretation of the seismic shot in the area indicates that the location of Nordic's new test well not only correlates directly with an historic oil well drilled just three miles to the south, but the site is also only 18 miles due north of the Sawn Lake Field, which has produced millions of barrels of oil to date.

The Sawn Lake Field is touted as a major producing region and is known to have both shallow gas and conventional light oil. In addition to the heavy oil and tar sands in the area, significant amounts of light crude oil are known to exist at depths of approximately 1,500 metres, with the majority of them producing from the Slave Point formation at or near this depth.

The Slave Point Formation of northwestern Alberta and northeastern British Columbia has been the target of intense exploration activity from the 1980s to present. The Slave Point Sea was shallow and patch reef development occurred on small structural highs. Slave Point plays have yielded some of the most significant pool discoveries of the decade, including Chinchaga/Firebird and Ladyfern/South Hamburg.

"The proximity of the Nordic Oil and Gas land at Talbot Lake to the Sawn Lawn field is, in our view, very significant," Mr. Benson added. "Being less than 20 miles away and given the success of the Sawn Lake region to date, clearly we are ideally positioned to capitalize on the vast opportunities in the area and the potential that this new well, and others we will be drilling at Talbot Lake, gives us."

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.

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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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