Nordic Issues New Stock Options to Officers, Directors and Consultants

    WINNIPEG, Aug. 22 /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 ("the Board") has approved the
granting of 1,120,000 stock options to various officers, directors and
consultants of the Company. The options, which are effective immediately, are
priced at $0.20 per share and will run for a period of five years from today's
    Following is a breakdown of the newly issued Nordic Oil and Gas stock

    Donald P. Benson, Chairman & CEO                   300,000
    Keith Peterson, Secretary-Treasurer                150,000
    Michael Mann, Director                             150,000
    Barry Palka, Director                              150,000
    Brahm Silverstone, Director                        150,000
    Kevin Strong, Chief Financial Officer               75,000
    Don Bain, Corporate Secretary                       75,000
    Jarwin Martin, Consultant                           30,000
    Earl French, Consultant                             30,000
    Regan Johnson, Consultant                           10,000

    The Company currently has 48,140,126 issued and outstanding Class A
Common shares listed on the Toronto Venture Exchange.
    In other news, Mr. Benson also stated that the Board has approved the
appointment of Don Bain to the position of Corporate Secretary for the Company
effective immediately. Previously, Keith Peterson had held the dual post of
Secretary-Treasurer for the Company; Mr. Peterson will, however, remain as the
Company's Treasurer.
    "Given the Company's continued growth and development, and the
requirements of the of Secretary and Treasurer positions, we felt that the
time was right to 'split' them into separate entities," Mr. Benson said. 
"Mr. Bain has been associated with Nordic in various capacities for several
years, and we are delighted that he has now become an Officer of the Company."

    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 is 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.

    The TSX Venture Exchange has not reviewed nor accepts responsibility for
    the adequacy or accuracy of the contents of this News Release.

    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
Company 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 Company 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 Company's management on the date the statements are made. The Company
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
should change.

    %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:; Don
Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 229-7751, Fax:
(204) 943-1829, E-mail:;

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Nordic Oil & Gas Ltd.

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