Northern Oil and Gas provides third quarter update

Northern Oil and Gas (NOG) provided an update on a number of business matters, including a recent bolt-on acquisition, an update on ground game transactions, capital expenditure and production guidance and other third quarter information. Unit royalty, mineral acquisition highlights: $98.3 million initial closing settlement for non-budgeted bolt-on acquisition of producing royalty and mineral interests; ~1,000 net royalty acres with significant inventory of over 400 gross locations; Average net revenue interest of ~1.3% on an 8/8ths basis across all acquired spacing units; Forward one-year unhedged cash flow from operations expected to be approximately $14 million at recent strip pricing; Transaction expected to be accretive to key financial metrics. Ground game acquisitions: Significant ground game success in the third quarter across NOG’s entire platform; Completes $59.8 million in acquisition costs inclusive of associated ground game development; Ground game transactions add ~2,500 net acres and 5.8 net wells. “The variety of acquisition types comprising the third quarter’s transactions highlight several of our key strategic advantages: technical knowledge of our basins of operation, and the ability to leverage proprietary knowledge of future development on our existing properties driving our ability to acquire additional revenue and working interests overlaying our land positions,” commented Nick O’Grady, Chief Executive Officer of NOG.