/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
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WINNIPEG, Dec. 28 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the
second closing of the Corporation's previously announced private placement
offering of units (the "Offering"). The Corporation issued a further
4,514,665 units (the "Units") at a price of $0.30 per Unit for gross proceeds
of $1,354,399.50 to various subscribers. 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) (a "Flow-through Share") 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 $0.40 for a period of two years from the date of
issuance. The Flow-through Shares and Warrants will be restricted from
transfer for a period of four months and a day from the date hereof in
accordance with applicable securities laws and the policies of the TSX Venture
Certain finders assisted the Corporation by introducing potential
subscribers for the Offering and each finder received fees equal to 6% of the
purchase price of the Units sold to subscribers for the Offering introduced by
such finder as well as warrants ("Finder's Warrants") equal to 8% of the
number of Units sold to subscribers for the Offering introduced by such
finder. Each Finder's Warrant entitles the holder thereof to purchase one
regular Class A common share of the Corporation at a price of $0.40 for a
period of 24 months from the date of issuance.
The closing of the Offering is subject to the final approval of the TSX
This brings to $2,997,299.20 the total gross proceeds received from this
financing. "Over the course of the past six months, we have raised
approximately $4.5 million, the largest amount the Corporation has ever raised
in a 12-month period," Mr. Benson stated.
"The successful completion of this latest financing places Nordic on
solid financial footing as we enter the New Year and provides us with the
wherewithal to proceed with our mandate in Saskatchewan."
All results from the oil seep samples have now been analyzed and the data
received from the University of Saskatchewan, and they are consistent with the
results that were announced earlier. As such, Mr. Benson noted that he, along
with Nordic's geologist and geophysicist will be meeting with Paul Lafleur,
P.Geol., P.Eng., President of Petro-Find Geochem Ltd., the consultant that
discovered the numerous oil seeps in Preeceville, right after the New Year to
discuss and review Mr. Lafleur's final report.
"We intend to make an announcement the week of January 7, 2008 as to a
timetable with respect to the Company's drilling program in Preeceville," Mr.
While much of Nordic's attention in the New Year will be focused on its
drilling program in Preeceville, Mr. Benson stated that the Company will also
be devoting considerable time to its new properties in Lloydminster and Talbot
Lake, Alberta. "Over the past few weeks, our consulting geologist has been
working on mapping these two areas," Mr. Benson stated.
"As such, drilling at Lloydminster is expected to commence in the first
quarter of 2008, while drilling at Talbot Lake will be determined by whether
or not we require seismic to be shot in the area, and the availability of a
rig;" he added. "Rig sharing with other companies will substantially reduce
overall costs of drilling in the area."
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.
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
Corporation 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 Corporation 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
Corporation's management on the date the statements are made. The Corporation
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
For further information:
For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, E-mail: email@example.com