SHAREHOLDERS LETTER 5 – 2008

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Directed share issue and subscription of up to 40 million shares.

The board of directors in Nordic Petroleum ASA (”Nordic Petroleum”) has authorised a share issue of up to 40 million shares, through a directed equity issue, for specified existing and new prospective shareholders. The share issue will be conducted through a book-building process within an indicative subscription rate range of NOK 0,40 – 0,50 per share. Final price and share amounts that will pertain to the issue are to be stipulated by the board of directors in Nordic Petroleum and announced in a press released as soon as the book-building period is completed.

The subscription period will last from 10. June – to 18:00, the 25. June 2008.

Pareto Securities AS is the clearing agent for the directed equity issue.

The purpose of the share issue is to raise necessary capital to finance a drilling program in ”The Chard” asset in Alberta, Canada, and also to finance general operating capital. The objective is to complete the drilling program during the winter season 2008, and due to the necessity of forward planning this must be resolved at presently. The purpose is to prove up the reserves that per diem are estimated at 92 million barrels ”in place” to economically develop. This is based upon the prior geological study conducted by Degolyer & MacNaughton.

Fredrikstad 10.06.2008

Nordic Petroleum ASA

Arild Tolfsen
CEO

For questions or info call Arild Tolfsen, CEO
Telephone: +47 69 51 72 58/ +47 930 99 859