Nordic Oil and Gas Ltd. Announces First Closing of Flow-Through Financing Extension to Noel Farm-in

                     

Winnipeg, Manitoba (FSCwire) - Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the “Corporation”), today announced the Corporation has completed the first closing of the recently announced flow through offering (“ the offering”) in the amount of $100,000.00.  The subscription is for 5,000,000 units consisting of 5,000,000 flow-through shares and 5,000,000 warrants to purchase shares at any time over the next five years at $0.05 per share

 In other news the Corporation is pleased to advise it has received an extension to the previously announced farmin at Noel B.C.  Nordic has until December 1, 2014 to recomplete the existing Cadotte well.   Proceeds from the closing of today’s financing will be used to begin the process of recompleting the existing well at Noel and to licence the new Cardium well to be drilled on the existing well site.  The land Consultant which we have hired to licence the well advises it takes approximately 2 months to licence a well these days in B.C.  The recompletion earns our interest in these lands but the real Prize is in the Cardium zone where potential exists for a high producing liquids rich gas well with plenty of condensate.

We will now push on to fully subscribe the current financing and upon completion we will move ahead with our plans to tie in a well drilled in 2009 at 6-24-38-25 W4  along with the workover on the 11-13-38-25 W4 well at Joffre,” Mr. Benson stated.   

We are currently working with an interested investor group regarding a joint venture on our 60 section holding in Sturgis area of Saskatchewan.  In that regard upon closing the remainder of the financing we will re-acquire the surface lease at 12-22-35-4 W2M and begin the process of licencing the well.

When we complete the entire financing over the next few weeks we will commence making interest payments on our outstanding debentures. We owe a debt of gratitude to our faithful investors who have supported us during a difficult time.  The expected cash-flow from the workovers, our existing nine wells on production  and the anticipated exercising of warrants should give us the funds necessary to fund future drilling

The closing of the offering is subject to the final approval of the TSX Venture Exchange.  The Corporation anticipates undertaking a second closing of the offering in the coming weeks.

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, Saskatchewan and British Columbia.  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 Release.

For additional information, contact:

Donald Benson, President and CEO                                                   

Nordic Oil and Gas Ltd.                                                          

Tel. 204-955-5042                                                      

E-mail: dbenson57@shaw.ca

Website www.nordicoilandgas.ca

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