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December 28, 2007 NEWS RELEASE   Nordic Oil and Gas Ltd. Announces Second Closing of Private Placement Offering For Immediate Release                                                                                                     This press release is not for dissemination in the United States or for distribution to U.S. news wire services. WINNIPEG, MB. (December 28, 2007) - 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 Exchange. 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 Venture Exchange. 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. Benson said. 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, should change. For additional information, contact: Donald Benson Chairman & CEO   Nordic Oil & Gas Ltd. Tel: 204-956-5042 Fax: 204-897-7154 E-mail: dbenson57@shaw.ca