Nordic Oil and Gas Announces Closing of Private Placement Offering With EnergyFields



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

    WINNIPEG, Aug. 3 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the
closing of the Corporation's previously announced private placement offering
(the "Offering"). The Corporation issued 1,000,000 units (the "Units") at a
price of $0.20 per Unit for gross proceeds of $200,000 to certain funds in the
EnergyFields Group. Each 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) and one half of one Class A common share purchase warrant (a
"Warrant"). Each whole Warrant entitles the holder thereof to purchase one
regular Class A common share of the Corporation at a price of $0.30 for a
period of two years from the date of issuance.
    "We are pleased to be entering into this transaction with the
EnergyFields Group," Mr. Benson said. "This is an important milestone in the
growth of Nordic Oil and Gas and we look forward to working with EnergyFields
as we continue to develop our holdings in Joffre, Lloydminster and the Peace
River Arch area of Alberta."
    In connection with the Offering, Limited Market Dealer Inc. received a
finder's fee equal to 6% of the gross proceeds of the Offering as well as
80,000 broker warrants each entitling the holder thereof to purchase one
regular Class A common share of the Corporation at a price of $0.30 per share
for a period of two years from the date of issuance.
    The closing of the Offering is subject to the final approval of the TSX
Venture Exchange.
    In other news, Mr. Benson also noted that the Corporation will be
completing cased hole logs on the well that was drilled last week in Joffre,
Alberta. As a result, testing of the well will be pushed back another week.
    "We believe the cased hole logs will more precisely identify the zones to
be perforated," he stated.

    About EnergyFields Group
    ------------------------

    EnergyFields Group (a division of Pathway Asset Management) is a
Toronto-based energy resource fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada during most of the calendar year,
as well as hard-dollar resource limited partnerships to investors throughout
the world. Pathway Asset Management also specializes in the manufacturing and
distribution of structured products and mutual funds. Information about
MineralFields Group is available at www.mineralfields.com. First Canadian
Securities(R), a division of Limited Market Dealer Inc., is active in leading
resource financings (both flow-through and hard dollar) on competitive,
effective and service-friendly terms, with investors both within, and outside
of MineralFields Group.

    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

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Nordic Oil & Gas Ltd.

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