Nordic Oil and Gas Ltd. Announces Private Placement Offering of Debentures


WINNIPEG, Sept. 24 /CNW/ - Mr. Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the intention of the Corporation to undertake a private placement offering (the "Offering") of up to $3,000,000 principal amount of 3 year 10% secured convertible redeemable debentures (the "Debentures"). The Debentures will have a term of three years and shall bear interest at a rate of 10% per annum. The Debentures may be converted at the option of the Debenture holders into Class A common shares of the Corporation ("Common Shares") at a price of $0.15 per share at any time after the issuance of the Debentures. The Debentures shall also be redeemable at the option of the Corporation at a price equal to 105% of the face value of the Debentures plus all accrued and unpaid interest thereon, subject to the right of the holders of Debentures to convert such Debentures to Common Shares prior to the date of redemption.

Certain persons will assist the Corporation by introducing potential subscribers for the Offering and will be paid a finder's fee of up to 6% of the total subscription proceeds received from subscribers introduced by each particular person. No broker warrants will be issued in connection with the Offering.

The proceeds of this Offering will be used for exploration and general corporate and working capital purposes.

All the terms of the Offering are subject to the approval of the TSX Venture Exchange.

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.

    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

This press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. 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. 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:

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