Nordic Oil and Gas Announces First Quarter 2009 Results

    Revenue Increases 77% over Q1 2008

    WINNIPEG, May 29 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. ("Nordic" or "the Company") today announced
the Company's financial results from operations for the three-month period
ended March 31, 2009. All amounts referenced herein are in Canadian dollars.
    Revenue from oil and natural gas sales (including liquids and transport
revenue) during the first quarter of 2009 totaled $258,668 compared to
$145,854 in Q1 2007 - a 77% increase. When adding interest earned, the Q1 2009
revenue becomes $261,220, as compared to $149,101 last year - a 75% increase.
The increase over last year is due to the new heavy oil wells in Lloydminster
that came on production late in the third quarter last year.
    Total assets, including cash, short-term investments, deposits and
accounts receivable at the end of the first quarter were $12,686,306 up
significantly from the $10,882,995 at the end of the first quarter in 2008.
    The net loss for the period before taxes was also lower than that
recorded during Q1 in 2008 - $293,443 versus $508,424. The decrease in the
2009 loss can largely be attributed to the sharp drop in expenses incurred
along with the increase in total revenue this quarter. Net loss per share in
Q1 2009 was $0.006 compared to a net loss per share of $0.003 in Q1 2008.
    Liabilities and shareholders' equity at the end of March 2009 totaled
$12,686,306 in the first three months of 2009, up from the $10,882,995 in Q1
2008, but down approximately $1 million when compared to the $13,949,392 as at
December 31, 2008.
    Overall expenses, not including production costs for the quarter under
review, decreased to $284,880 from the $575,265 for the same period last year.
The primary reason for the decrease in total expenses was the sharp drop in
stock option expenses to $48,052 from $284,473 and the decrease in G & A
expenses to $53,871 from $99,888.

    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.

    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.

    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

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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