May 30, 2007 Newsrelease

May 30, 2007

Nordic Oil and Gas Announces Q1 2007 Results

WINNIPEG, MB. (MAY, 30, 2007) - 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 its first quarter ended March 31, 2007. All amounts referenced herein are in Canadian dollars.

Revenue from natural gas and Coal Bed Methane (“CBM”) sales for the quarter (including liquids and transport revenue) totaled $189,139, down from the $226,476 reported for first quarter of 2006. However, the Q1 2007 revenue does represent an increase of $30,000 or 18.8% over the Q4 2006 total. This also represents the highest quarterly revenue total since Q1 2006. The increase in total revenue over the fourth quarter was due to a rise in natural gas prices, and the fact that the Company brought its sixth well in Joffre, Alberta on to production during the period under review.

Cash, including term deposits and accounts receivable for the quarter was down from a year ago to $305,765 compared to $1,319,890 for the same period in 2006. In addition, net cash flow from operating activities (cash received from operators minus cash paid to suppliers and for royalties, plus interest earned) was down slightly to $118,102 for the quarter ended March 31, 2007, as compared to $129,147 reported in prior year.

Total assets as at March 31, 2007 were $4,039,556, down slightly from the $4,503,598 at the end of Q1 2006. General and administrative expenses for the quarter were up over the comparable period in 2006 - $40,503 versus $27,952. However, overall expenses for the quarter under review were down from those recorded for Q1 2006 at $233,791 compared to $269,946 a year ago. This was due primarily to the fact that there were no stock option expenses during Q1 2007 compared to an expense of $94,492 in Q1 2006.

The Company recorded a net loss before income taxes of $115,690 for the first quarter of 2007, an improvement of some $25,000 over the $140,799 loss reported in Q1 2006.

Commenting on the financial results Mr. Benson stated: "We are pleased to see our Q1 revenue rise when compared to the last three quarters. As we have stated in the past, 2006 was a difficult year in terms of revenue due to the ongoing lower natural gas prices. However given the recent rise in gas prices and the fact that we added our sixth well onto production during the quarter, and our seventh well earlier this month, we feel that we are in a much more solid position today than we were last year, which should translate into stronger financial results for the remainder of 2007.”

In addition, Mr. Benson added that the Company continues to be optimistic that the three new CBM wells that were drilled last year will also be placed on production in the near future, “and this will certainly have a positive impact on our revenue and bottom line moving forward,” he noted.

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. Nordic presently has seven producing wells in the Joffre area. In addition, it has three Coal Bed Methane wells drilled and cased awaiting tie-in. The Company is listed on the TSX Venture Exchange and trades under the symbol NOG.

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