Nordic Petroleum ASA completes the acquisition of Mega Pyramid

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46120 acre natural gas project in Alberta, Canada WCSB (WESTERN CANADIAN SEDIMENTARY BASIN)

Nordic Petroleum has now implemented the acquisition of the shares in 1421283 Alberta Ltd which has now been renamed Nordic Mega Inc. The transaction includes that Nordic Petroleum ASA compensates the sellers of the company with the issuance of 11,25 million new shares. The new shares are issued at a price rate of NOK 0,4440 per share, as well as a CAD 440 000 in cash.

Nordic Petroleum ASA (ISIN: NO 0010189400) thus increases its share capital with 11.250.000 shares. Total shares outstanding increases therefore from 203.945.000 to 215.195.000 shares.

Nordic Petroleum is making an attractive acquisition. The average price per hectare in the area has been $305. Whereas based on the present share price of NOK 0.25 per share Nordic Petroleum is paying an average price of $53 per hectare.

As mentioned in the letter of 14th November, recently purchased seismic of the area has yielded further promising interpretations of the geological formations in the lease area. Drilling is scheduled to commence 1Q 2009. Completion and startup of production will commence shortly thereafter. The producing well success rate in this area is estimated to around 70%.

For more information see the homepage: www.nop.as

Fredrikstad 18.11.2008

Nordic Petroleum ASA

Contact: Managing Director Arild Tolfsen. Mobile 930 99 859 – email: arild.tolfsen@nop.as