New stock options issued to Nordic officers, directors and consultants

    WINNIPEG, Dec. 31 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (TSXV: NOG) ("Nordic" or "the Company"),
today announced that the Board of Directors has approved the granting of
1,570,000 stock options to various officers, directors and consultants of the
Company. The options, which are effective immediately, are priced at $0.60 per
share and will run for a period of five years from today's date.

    Following is a breakdown of the newly issued Nordic Oil and Gas stock

    Donald P. Benson, Chairman & CEO              450,000
    Keith Peterson, Secretary-Treasurer           225,000
    Michael Mann, Director                        225,000
    Barry Palka, Director                         225,000
    Brahm Silverstone, Director                   225,000
    Don Bain, Consultant                          125,000
    Donald F. Benson, Consultant                   75,000
    Earl French, Consultant                        20,000

    Following the successful closing of its recent financing, the Company
currently has 34,643,309 issued and outstanding Class A Common shares listed
on the Toronto Venture Exchange.

    Nordic Oil and Gas is a junior oil and gas exploration company, which 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,,

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Nordic Oil & Gas Ltd.

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