Nordic Oil and Gas Ltd Announces Definitive Equity Line Facility Agreement With Dutchess Opportunity Cayman Fund Ltd. In Respect Of $10 Million Equity Line Facility

Nordic Oil and Gas Ltd announced that a definitive Equity Facility Line Agreement dated March 31, 2011 providing for the previously announced $10 million equity line facility (ELF) was entered into between the Company and Dutchess Opportunity Cayman Fund Ltd. (Dutchess), a fund managed by Dutchess Capital Management, II LLC. Under the terms of the ELF, Dutchess has committed to providing up to $10 million of capital during a 36 month period, at the Company's discretion, through the issue of common shares.