Nordic Oil and Gas Ltd. Provides Further Detail on the Previously Announced First Closing of Private Placement Offering


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TSX.V:NOG
01/16/2013 [ACCESSWIRE]

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. (January 16, 2013) - Further to its News Release of December 31, 2012 - "Nordic Oil and Gas Ltd. Announces First Closing of Private Placement Offering" - the Company provides the following additional information related to the closing:

At the first closing of the brokered private placement offering of flow-through units the Corporation issued 730,000 flow-through units (the "Units") at a price of $0.03 per Unit for gross proceeds of $21,900 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 $0.10 for a period of 24 months 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. The company is relying on the financial hardship relief measures using a price of $0.03 per unit.

The proceeds from this Offering will be used to pay surface lease, survey, road maintenance and landman costs associated with restarting of gas wells at Joffre as follows:

  • ?.-Perforate and Tie in of well 11-13-38-25 W4 cost of 1pprox.. $80,000.00 to be completed by March 12, 2013.

    -Tie in and Perforate well at 102-11-07-38-24 W4 cost of approx $80,000 to be completed by March 12, 2013

    -Complete a workover of the Exploration well at 4-11-35-4 W2 $70,000.to be completed in February 2013

    -Reactivate Joffre Gas wells and compressor January and February approx. $40,000.

The Private Placement has been approved by the Corporation's board of directors, through the completion and signing of a Resolution of the Directors Document. None of the Company's directors participated in, or had a direct interest in the Private Placement.

The closing of the Offering is subject to the final approval of the TSX Venture Exchange.

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. Nordic was one of the "2008 TSX Venture 50" companies, a ranking of the top 10 public venture capital companies in five industry sectors listed on the TSX Venture Exchange.

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.

This press release contains forward-looking statements with respect to Nordic Oil and Gas Ltd. properties, and matters concerning the business, operations, strategy, and financial performance of Nordic. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and Nordic does not undertake any obligation to update such statements except as required by law.

For additional information, contact:

Don Bain, Corporate Secretary.

Nordic Oil and Gas Ltd.

Tel. 204-229-7751

Fax: 204-943-1829

www.nordicoilandgas.com

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