Company perforates eight zones at 11-13 well; coming on production soon

WINNIPEG, Manitoba - (March 4, 2013) - Donald Benson, Chairman and CEO of Nordic Oil and Gas Ltd. (the "Company" or "Nordic"), (TSXV: NOG) announces that the date of maturity for the Company's 3-year, 10% Secured Convertible Redeemable Debentures, originally scheduled for November 6, 2012, and extended to March 6, 2013, has been further extended to November 6, 2013.

Debenture holders representing the requisite percentage of the principal amount of the debentures required to facilitate the extension, provided written consent to the Trustee of the Debenture, Computershare Trust Company of Canada.

The Company is also pleased to advise that it has completed the perforating of the 11-13-38-25 W4 well in Joffre, Alberta at eight different intervals in the Edmonton zone. "Currently, we are waiting to submit our pipeline application, as we were awaiting a road crossing consent from another oil company. Upon receiving same, we will install the pipeline and put the well on production," Mr. Benson said.

"Natural gas prices continue to strengthen, with the closing price on March 1, 2013 being $3.23 C/mcf. We are experiencing an increase of $1.35 over the price from one year ago," Mr. Benson added.

The revenue from this well will have a strong impact on the Company's second quarter revenue.

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.

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
E-mail: dbain@nordicoilandgas.com

www.nordicoilandgas.com