Growth Through Successful Exploration and Drilling Strategies

November 29, 2007 NEWS RELEASE  For Immediate Release Nordic Oil and Gas Announces 2007 Third Quarter and Nine Months Results WINNIPEG, MB. (NOVEMBER 29, 2007) ­ Nordic Oil and Gas Ltd. (TSXV: NOG) today announced the Company's financial results from operations for its third quarter and nine months ended September 30, 2007. All amounts referenced herein are in Canadian dollars. Year-to-Date Results Revenue from natural gas and Coal Bed Methane (“CBM”) sales for the nine-month period (including liquids and transport revenue and interest revenue) totaled $504,105, down slightly from the $520,717 reported for same period in 2006. Cash, including term deposits and accounts receivable for the first nine months of the year totaled $39,778 compared to $269,540 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) was down slightly for the first nine months of 2007 to $252,144 compared to $265,846 for the same period in 2006. Total assets as at September 30, 2007 were $4,428,198, up from the $4,309,480 at the end of 2006. General and administrative expenses for the first three quarters of the year totaled $117,101, virtually level with the $118,967 reported during the same period in 2006. Overall expenses for the first three quarters of 2007 were up approximately $170,000 at $774,062 compared to the same period in 2006 at $606,064. This was due primarily to the significant increase in depletion and amortization expenses from $194,138 to $385,130. The Company recorded a net loss before income taxes of $516,449 for the first nine months of 2007, up from the loss of $328,990 over the same period a year ago. However, this improves to a loss of $367,067 when the future income tax recovery of $149,382 is applied. Average monthly production volume for the nine months ended September 30, 2007 was 46.16 BOEs*/day, and 42.61 BOEs*/day for the third quarter. The Company received $6.2089/GJ as an average gas price during the first nine months of the year. Quarterly Results      Revenue for the three-month period ended September 30, 2007 totaled $139,538 up approximately $6,000 over the Q3 2006 total of $133,500, but down about $40,000 over last quarter’s total of $175,429. The marginal decline in quarter over quarter revenue totals this year was due to the continued slump in natural gas prices, coupled with the fact that the Company’s 15-12-38-25 W4 well in Joffre did not come onto production until early November. Cash, including term deposits and accounts receivable for the three months ended September 30, 2007 totaled $29,902 compared to $66,578 for the same period last year. In addition, net cash flow from operating activities (cash received from operators minus cash paid to suppliers and for royalties) was up for the quarter under review to $69,268 as compared to $61,577. G & A expenses were down for the quarter under review, over the comparable period in 2006 - $38,077 this year versus $47,101 last year, while overall expenses for the third quarter were up from those recorded in Q3 2006 at $232,813 compared to $167,565. This was due primarily to the increase in depletion and amortization costs to $164,233 for the quarter, compared to $60,164 in Q3 2006 and an increase in professional fees from $12,066 to $29,445. During the quarter, the Company recorded a net loss before taxes of $161,703 compared to a loss of $103,413 reported in Q3 2006; however this was an improvement over the $239,056 net loss reported last quarter. Furthermore, the quarter improves to a loss of $12,321 when the future income tax recovery of $149,382 is applied. Quarterly Highlights One of the highlights of the third quarter came near the end of September when the Company finalized its purchase of approximately 8,000 acres of Petroleum & Natural Gas leases in the Peace River Arch and Lloydminster regions of Alberta. These lands will provide Nordic with new core areas for the Corporation and represent a strategic fit for its current production and future drilling activity at Joffre, Alberta. In August, the Company announced that the field measurement results from the flow test on the Corporation’s 11th well in Joffre, Alberta, Canada showed that the middle Belly River zone had gas rates of 18.5 10³m³ at between 649.5 metres and 651 metres,. Furthermore, the combined 23 10³M³ for the three intervals within the well that was tested, equated to 820 MCF/day. This well is expected to come on production in early December. Also during the quarter under review, the Company closed a Private Placement offering of 1 million Units of Nordic Oil and Gas at a price of $0.20 per Unit for gross proceeds of $200,000 to certain funds in the EnergyFields Group. 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) and one-half of a Class A common share purchase warrant. Each Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.30 per share for a period of two years from the date of issuance. In September, the Company announced the closing of another private placement offering, this one totaling 752,500 units at a price of $0.20 per Unit for gross proceeds of $150,500 to various subscribers. Events Subsequent to the End of the Quarter Several major announcements have taken place subsequent to the end of the third quarter. The most notable came in early November when the Company announced it had discovered a series of oil seeps in its most northerly permit in Township 40, Ranges 4 and 5 W2 Preeceville, Saskatchewan. Various samples were sent to a laboratory in Calgary, and the analysis revealed the presence of oil. All together, evidence of 29 seeps was found on the property, of which three were very extensive. The oil seeps were discovered as a result of hydrocarbon soil gas surveys undertaken by Petro-Find Geochem Ltd. In addition, the Company announced the closing of three Private Placement financings, two in October and the other one during November. On October 1, 2007, Nordic closed a private placement offering of Units of the Corporation at a price of $0.17 per Unit. The Corporation issued 600,000 Units to a member of the FrontierAlt Group for aggregate gross proceeds of $102,000. Each Unit consists of one Class A common share of the Corporation plus one-half of one Class A common share purchase warrant. Each whole Warrant entitles the holder thereof to purchase one Class A common share of the Corporation at a price of $0.30 per share for a period of two years from the date of issuance. The securities issued pursuant to the Offering are subject to a four-month holding period, ending February 2, 2008. On October 24, the Company issued 1,375,000 units at a price of $0.20 per Unit for gross proceeds of $275,000 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) and one half of one Class A common share purchase warrant. Each whole Warrant entitles the holder thereof to purchase one regular Class A common share of the Corporation at a price of $0.30 for a period of two years from the date of issuance. Finally, on November 20, the Company announced the second closing of its previously announced private placement offering of units of the Corporation at a price of $0.20 per Unit by issuing 3,600,000 Units for aggregate gross proceeds of $720,000 to various subscribers. Each Unit consisted of one Class A common share of the Corporation and one half of one Class A common share purchase warrant. MAK Allen & Day Capital Partners was paid a finder's fee of $30,000 and was issued 200,000 Warrants as partial compensation for their services. Mr. Benson stated that the Company is very upbeat with respect to both the remainder of 2007 and into 2008. “The fact that we intend to place our new well in Joffre on production before the end of the year will set the tone for what we feel will be a pivotal year in 2008 for Nordic Oil and Gas.  “However, we are most excited about our recent findings in Preeceville. It is our intention to move forward with applications for multiple well licenses and start drilling as soon as possible. We have a large land base in Preeceville, and when combined with the proprietary seismic that we have already undertaken, along with the Geo-Chem samples and the current oil seeps analysis, we are confident that the possibility exists for one or more pools to be identified on our property.” 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 Company is listed on the TSX Venture Exchange and trades under the symbol NOG. 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. * The term BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.  The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of the contents of this News Release. 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