Northern Oil and Gas, Inc. Announces 2015 Third Quarter Results

Nov 04, 2015, 16:15 ET from Northern Oil and Gas, Inc.

WAYZATA, Minn., Nov. 4, 2015 /PRNewswire/ -- Northern Oil and Gas, Inc. (NYSE MKT: NOG) today announced 2015 third quarter results.

2015 THIRD QUARTER HIGHLIGHTS

  • Production averaged 15,844 barrels of oil equivalent ("Boe") per day, for a total of 1,457,610 Boe
  • Oil and gas sales, including settled derivatives (hedges), totaled $92.7 million
  • Northern's credit facility balance was paid down by $18 million during the quarter, to $170 million, as a result of positive cash flow from operations
  • Northern added 85 gross (2.7 net) wells to production during the third quarter
  • Approximately 2.3 million barrels of oil are hedged for the next four calendar quarters at an average price of approximately $85.00 per barrel

Northern's adjusted net income for the third quarter of 2015 was $14.6 million, or $0.24 per diluted share.  GAAP net loss for the third quarter of 2015, which was impacted by a $354.4 million non-cash impairment charge, was $323.2 million, or a loss of $5.33 per diluted share.  Adjusted EBITDA for the third quarter of 2015 was $71.7 million.  See "Non-GAAP Financial Measures" below for additional information on these measures.

MANAGEMENT COMMENT

"As we continue to focus our investments on our highest rate of return opportunities, we are seeing the added benefit of lower costs and innovative completion designs driving productivity," commented Northern's Chairman and Chief Executive Officer, Michael Reger.  "In addition, the net effect of our capital spending discipline, hedge book and high-grade well additions allowed us to maintain our borrowing base at $550 million, generate free cash flow and reduce debt during the quarter."

LIQUIDITY

At September 30, 2015, Northern had $170 million in outstanding borrowings under its revolving credit facility, which has a total borrowing base that was recently reaffirmed at $550 million. The remaining borrowing capacity under the revolving credit facility, together with an additional $7.0 million in cash, results in available liquidity of approximately $387 million at quarter-end, which is an increase of $18 million versus the prior quarter.

HEDGING

Northern hedges portions of its expected production volumes to increase the predictability of its cash flow and to help maintain a strong financial position.  The following table summarizes Northern's open crude oil swap derivative contracts scheduled to settle after September 30, 2015.

Contract
Period


Volume
(Bbls)


Weighted
Average Price
(per Bbl)

2015:





Q4


990,000


$89.82

2016:





Q1


450,000


$90.00

Q2


450,000


$90.00

Q3


450,000


$65.00

Q4


450,000


$65.00

 

CAPITAL EXPENDITURES & DRILLING ACTIVITY



Third Quarter

2015


First Nine
Months 2015

Capital Expenditures Incurred:





Drilling, Completion & Capitalized Workover Expense


$25.7 million


$97.3 million

Acreage


$0.9 million


$5.0 million

Other


$0.9 million


$3.1 million






Net Wells Added to Production


2.7


16.2

Net Producing Wells (Period-End)


201.9


201.9






Net Wells in Process (Period-End)


10.1


NA






Weighted Average AFE for In-Process Wells (Period End)


$7.9 million


NA

 

Capital expenditures have continued to trend lower in the second half of the year.  Northern estimates that approximately 60% to 70% of its in-process wells will not be completed until 2016.  During the first nine months of 2015, the weighted average authorization for expenditure (or AFE) cost for wells that Northern elected to participate in (consented) was $7.7 million.  Although Northern's original capital expenditure budget remains unchanged at $140 million, current Williston Basin activity levels could result in Northern finishing 2015 slightly under this spending level.

THIRD QUARTER 2015 RESULTS

The following table sets forth selected operating and financial data for the periods indicated. 


Three Months Ended

September 30,


2015


2014


% Change

Net Production:






Oil (Bbl)

1,261,823


1,348,146


(6)

Natural Gas and NGLs (Mcf)

1,174,721


990,351


19

Total (Boe)

1,457,610


1,513,205


(4)







Average Daily Production:






Oil (Bbl)

13,715


14,654


(6)

Natural Gas and NGL (Mcf)

12,769


10,765


19

Total (Boe)

15,844


16,448


(4)







Average Sales Prices:






Oil (per Bbl)

$              38.26


$              84.32


(55)

Effect of Gain (Loss) on Settled Derivatives on Average Price (per Bbl)

34.04


(5.20)



Oil Net of Settled Derivatives (per Bbl)

72.30


79.12


(9)

Natural Gas and NGLs (per Mcf)

1.28


5.56


(77)

Realized Price on a Boe Basis Including all Realized Derivative Settlements

63.62


74.13


(14)







Costs and Expenses (per Boe):






Production Expenses

$                8.62


$                9.73


(11)

Production Taxes

3.46


7.98


(57)

General and Administrative Expense

3.17


3.11


2

Depletion, Depreciation, Amortization and Accretion

21.72


30.17


(28)

Impairment of Oil and Natural Gas Properties

243.15


-


-







Net Producing Wells at Period End

201.9


177.5


14

 

Oil and Natural Gas Sales

In the third quarter of 2015, oil, natural gas and NGL sales, excluding the effect of settled derivatives, decreased 58% as compared to the third quarter of 2014, driven by a 57% decrease in realized prices, excluding the effect of settled derivatives, and a 4% decrease in production.  The lower average realized price in the third quarter of 2015 as compared to the same period in 2014 was principally driven by lower average NYMEX oil and gas prices, which were partially offset by a lower oil price differential.  Oil price differential during the third quarter of 2015 was $8.24 per barrel, as compared to $12.93 per barrel in the third quarter of 2014.  Northern expects fourth quarter oil price differential to average $8.00 - $10.00 per barrel.

Derivative Instruments (Hedges)

Northern enters into derivative instruments to manage the price risk attributable to future oil production.  Gain (loss) on derivative instruments, net is comprised of (i) cash gains and losses recognized on settled derivatives during the period, and (ii) non-cash mark-to-market gains and losses incurred on derivative instruments outstanding at period-end. 


Three Months Ended

September 30,


2015


2014


(in millions)

Derivative Instruments (Hedges):




Cash Derivative Settlements

$                43.0


$            (7.0)

Non-Cash Mark-to-Market of Derivative Instruments

8.4


68.6

Gain (Loss) on Derivative Instruments, Net

$                51.4


$            61.6

 

Northern's average realized price (including all cash derivative settlements) received during the third quarter of 2015 was $63.62 per Boe compared to $74.13 per Boe in the third quarter of 2014.  The gain (loss) on settled derivatives increased Northern's average realized price per Boe by $29.47 in the third quarter of 2015 and decreased average realized price per Boe by $4.64 in the third quarter of 2014.

As a result of forward oil price changes, Northern recognized a non-cash mark-to-market derivative gain of $8.4 million in the third quarter of 2015 compared to a $68.6 million gain in the third quarter of 2014.  At September 30, 2015, all derivative contracts were recorded at their fair value, which was a net asset of $94.2 million, an increase of $86.7 million from the $7.5 million net asset recorded as of September 30, 2014.

Production Expenses

Production expenses decreased from $14.7 million in the third quarter of 2014 to $12.6 million in the third quarter of 2015.  On a per unit basis, production expenses decreased 11% or $1.11 per Boe to $8.62 per Boe in the third quarter of 2015 compared to the third quarter of 2014.  The lower cost on a per unit basis in 2015 is primarily due to reduced contract labor and maintenance costs.  Northern now expects fourth quarter production expenses to average between $8.75 and $9.00 per Boe.

Production Taxes

Northern pays production taxes based on realized crude oil and natural gas sales.  These costs were $5.0 million in the third quarter of 2015 compared to $12.1 million in the third quarter of 2014.  The $7.1 million decrease in production taxes in 2015 compared to 2014 was due to the decline in oil, natural gas and NGL sales, excluding the effect of settled derivatives.  As a percentage of oil and natural gas sales, production taxes were flat at 10.1% in the third quarter of both 2015 and 2014.  Northern now expects fourth quarter 2015 production taxes as a percentage of oil and natural gas sales to average 10.5%.

General and Administrative Expense

General and administrative expense was $4.6 million for the third quarter of 2015 compared to $4.7 million for the third quarter of 2014.  In the third quarter of 2015, Northern restructured certain of its operations in response to the current commodity price environment, which included a reduction in workforce.  Northern incurred $0.5 million in restructuring costs in the third quarter of 2015 as a result of these actions.  Northern expects fourth quarter 2015 general and administrative expenses to average $3.00 per Boe.

Depletion, Depreciation, Amortization and Accretion

Depletion, depreciation, amortization and accretion ("DD&A") was $31.7 million in the third quarter of 2015 compared to $45.6 million in the third quarter of 2014.  Depletion expense, the largest component of DD&A, was $21.61 per Boe in the third quarter of 2015 compared to $30.02 per Boe in the third quarter of 2014.  The aggregate decrease in depletion expense for the third quarter of 2015 compared to the third quarter of 2014 was driven by a 28% decrease in the depletion rate per Boe as well as a 4% production decrease in 2015 as compared to 2014.

Impairment of Oil and Natural Gas Properties

As a result of current low commodity prices and their effect on the proved reserve values of properties in 2015, Northern recorded a non-cash ceiling test impairment of $354.4 million in the third quarter of 2015.  Northern did not have any impairment of its proved oil and gas properties in the third quarter of 2014.  The impairment charge affected reported net income but did not reduce cash flow.

Interest Expense

Interest expense, net of capitalized interest, was $16.2 million in the third quarter of 2015 compared to $10.6 million in the third quarter of 2014.  The increase in interest expense was primarily due to Northern's capital development program and the issuance of $200 million in principal amount of 2015 Mirror Notes, offset by a decrease in the amount drawn on the revolving credit facility.

Income Tax Provision

The income tax benefit recognized during the third quarter of 2015 was $0.1 million or 0.0% of the loss before income taxes, as compared to an income tax provision of $35.1 million or 37.7% of income before income taxes in the third quarter of 2014.  The lower effective tax rate in 2015 relates to the valuation allowance placed on the net deferred tax asset in the third quarter of 2015, in addition to state income taxes and estimated permanent differences.

Net Income

Northern recorded a net loss of $323.2 million, or approximately $5.33 per diluted share, for the third quarter of 2015, compared to a net gain of $58.0 million, or approximately $0.95 per diluted share, for the third quarter of 2014.  Net loss in the third quarter of 2015 was impacted by the non-cash impairment of oil and natural gas properties, the valuation allowance placed on the net deferred tax asset, and a non-cash loss on the mark-to-market of derivative instruments.

Non-GAAP Financial Measures

Adjusted Net Income for the third quarter of 2015 was $14.6 million (representing approximately $0.24 per diluted share), compared to $15.6 million (representing approximately $0.26 per diluted share) for the third quarter of 2014.  For the third quarter of 2015, the decrease in non-GAAP Adjusted Net Income is primarily due to lower realized commodity prices as well as higher interest expense, which were partially offset by lower depletion expense.  Northern defines Adjusted Net Income as net income excluding (i) (gain) loss on the mark-to-market of derivative instruments, net of tax, (ii) restructuring costs, net of tax, (iii) impairment of oil and natural gas properties, net of tax and (iv) certain legal settlements, net of tax. 

Adjusted EBITDA for the third quarter of 2015 was $71.7 million, compared to Adjusted EBITDA of $81.4 million for the third quarter of 2014.  The decrease in Adjusted EBITDA is primarily due to lower realized commodity prices in 2015 compared to 2014.  Northern defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depreciation, depletion, amortization, and accretion, (iv) (gain) loss on the mark-to-market of derivative instruments, (v) non-cash share based compensation expense and (vi) impairment of oil and natural gas properties. 

Adjusted Net Income and Adjusted EBITDA are non-GAAP measures.  A reconciliation of these measures to the most directly comparable GAAP measure is included in the accompanying financial tables found later in this release.  Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of current financial performance.  Specifically, management believes the non-GAAP results included herein provide useful information to both management and investors by excluding certain expenses and unrealized derivatives gains and losses that management believes are not indicative of Northern's core operating results.  In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring Northern's performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes.

ACREAGE

As of September 30, 2015, Northern controlled approximately 169,020 net acres targeting the Williston Basin Bakken and Three Forks.  In the third quarter, Northern acquired leasehold interests covering an aggregate of approximately 952 net acres, for an average cost of $462 per net acre.  As of September 30, 2015, approximately 80% of Northern's North Dakota acreage position, and approximately 71% of Northern's total acreage position, was developed, held by production or held by operations.

GUIDANCE

Northern continues to expect 2015 total production to be flat compared to 2014 production levels, with full year capital expenditures expected to come in at or slightly below the planned $140 million capital budget.  Lower net well additions in the second half of 2015 are expected to be partially offset by an increase in per well productivity.  Management's current expectations for certain fourth quarter operating metrics are as follows:



4th Quarter 2015

Operating Expenses:



Production Expenses (per Boe)


$8.75 - $9.00

Production Taxes (% of Oil & Gas Sales)


10.5%

General and Admin. Expense (per Boe)


$3.00




Average Differential to NYMEX WTI


($10.00) to ($8.00)

 

THIRD QUARTER 2015 EARNINGS RELEASE CONFERENCE CALL

In conjunction with Northern's release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Thursday, November 5, 2015 at 10:00 a.m. Central Time

Those wishing to listen to the conference call may do so via the company's website, www.northernoil.com, or by phone as follows:

Dial-In Number:  (855) 638-5677 (US/Canada) and (262) 912-4762 (International)
Conference ID:  69717407 - Northern Oil and Gas, Inc. Third Quarter 2015 Earnings Call
Replay Dial-In Number: (855) 859-2056 (US/Canada) and (404) 537-3406 (International)
Replay Access Code:  69717407 - Replay will be available through November 12, 2015

UPCOMING CONFERENCE SCHEDULE

Jefferies Energy Conference
     November 10 – 12, 2015, Houston TX
Capital One Securities 10th Annual Energy Conference
     December 8 – 10, 2015 New Orleans, LA

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. 

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").  All statements other than statements of historical facts included in this release regarding Northern's financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this release, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern's properties, Northern's ability to acquire additional development opportunities, changes in Northern's reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which Northern conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, Northern's ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern's operations, products, services and prices. 

Northern has based these forward-looking statements on its current expectations and assumptions about future events.  While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern's control. 

CONTACT:

Brandon Elliott
EVP, Corporate Development and Strategy
952-476-9800
belliott@northernoil.com


CONDENSED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014

(UNAUDITED)




Three Months Ended


Nine Months Ended



September 30,


September 30,



2015


2014


2015


2014

 REVENUES










 Oil and Gas Sales


$     49,779,903


$   119,191,594


$   163,298,384


$   337,149,610


 Gain on Derivative Instruments, Net


51,366,762


61,583,301


54,818,997


349,335


 Other Revenue


9,887


2,594


27,004


5,863


 Total Revenues


101,156,552


180,777,489


218,144,385


337,504,808










 OPERATING EXPENSES










 Production Expenses


12,567,423


14,717,257


40,331,314


39,428,008


 Production Taxes


5,048,227


12,068,494


17,333,123


34,073,083


 General and Administrative Expense


4,614,771


4,698,972


13,224,012


12,677,481


 Depletion, Depreciation, Amortization and Accretion


31,670,479


45,646,232


113,629,323


123,959,402


 Impairment of Oil and Natural Gas Properties


354,422,654


-


996,815,713


-


 Total Expenses


408,323,554


77,130,955


1,181,333,485


210,137,974










 INCOME (LOSS) FROM OPERATIONS


(307,167,002)


103,646,534


(963,189,100)


127,366,834










 OTHER INCOME (EXPENSE)










 Interest Expense, Net of Capitalization


(16,154,160)


(10,624,246)


(42,278,400)


(30,850,004)


 Other Income (Expense)


1,586


13,022


2,128


45,794


 Total Other Income (Expense)


(16,152,574)


(10,611,224)


(42,276,272)


(30,804,210)










 INCOME (LOSS) BEFORE INCOME TAXES


(323,319,576)


93,035,310


(1,005,465,372)


96,562,624










 INCOME TAX PROVISION (BENEFIT)


(77,544)


35,050,000


(202,424,154)


36,400,000










 NET INCOME (LOSS)


$  (323,242,032)


$     57,985,310


$  (803,041,218)


$     60,162,624










 Net Income (Loss) Per Common Share – Basic


$               (5.33)


$                0.96


$             (13.25)


$                0.99

 Net Income (Loss) Per Common Share – Diluted


$               (5.33)


$                0.95


$             (13.25)


$                0.99

 Weighted Average Shares Outstanding – Basic 


60,679,257


60,559,827


60,627,142


60,753,752

 Weighted Average Shares Outstanding – Diluted


60,679,257


60,736,502


60,627,142


60,950,641








 


NORTHERN OIL AND GAS, INC.

CONDENSED BALANCE SHEETS

SEPTEMBER 30, 2015 AND DECEMBER 31, 2014



September 30, 2015

(unaudited)


December 31, 2014

 CURRENT ASSETS





 Cash and Cash Equivalents

$                7,042,258


$                9,337,512


 Trade Receivables

91,293,591


85,931,719


 Advances to Operators

2,002,713


930,034


 Prepaid and Other Expenses

983,612


895,088


 Derivative Instruments

87,881,527


128,893,220

 Total Current Assets

189,203,701


225,987,573





 PROPERTY AND EQUIPMENT





 Oil and Natural Gas Properties, Full Cost Method of Accounting





 Proved

2,308,144,736


2,167,452,297


 Unproved

15,341,573


50,642,433


 Other Property and Equipment

1,891,228


1,870,369

 Total Property and Equipment

2,325,377,537


2,219,965,099


 Less – Accumulated Depreciation, Depletion and Impairment

(1,568,202,406)


(458,038,546)

 Total Property and Equipment, Net

757,175,131


1,761,926,553





 DERIVATIVE INSTRUMENTS

6,330,398


25,013,011





 DEFERRED TAX ASSET

31,695,562


-





 DEBT ISSUANCE COSTS, NET

16,831,376


13,819,195





 TOTAL ASSETS

$         1,001,236,168


$         2,026,746,332





LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 CURRENT LIABILITIES





 Accounts Payable

$      98,885,559


$            231,557,547


 Accrued Expenses  

6,266,474


6,653,124


 Accrued Interest

19,358,330


3,585,536


 Derivative Instruments

678


-


 Deferred Tax Liability

31,695,562


43,938,000


 Asset Retirement Obligations

212,269


-

 Total Current Liabilities

156,418,872


285,734,207





 LONG-TERM LIABILITIES





 Revolving Credit Facility

170,000,000


298,000,000


 8% Senior Notes

697,676,782


508,053,097


 Derivative Instruments

-


579,070


 Asset Retirement Obligations

5,482,237


5,105,762


 Deferred Tax Liability

-


158,412,555

 Total Long-Term Liabilities

873,159,019


970,150,484





 TOTAL LIABILITIES

1,029,577,891


1,255,884,691





 COMMITMENTS AND CONTINGENCIES (NOTE 8)








 STOCKHOLDERS' EQUITY (DEFICIT)





 Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding

-


-


 Common Stock, Par Value $.001; 95,000,000 Authorized, (9/30/2015 – 61,600,803
   Shares Outstanding and 12/31/2014 – 61,066,712 Shares Outstanding)

61,601


61,067


 Additional Paid-In Capital

437,169,607


433,332,285


 Retained Earnings (Deficit)

(465,572,931)


337,468,289

 Total Stockholders' Equity (Deficit)

(28,341,723)


770,861,641

 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

$   1,001,236,168


$         2,026,746,332

 

Reconciliation of Adjusted Net Income




Three Months Ended

September 30,


Nine Months Ended

September 30,



2015


2014


2015


2014

Net (Loss) Income


$  (323,242,032)


$   57,985,310


$    (803,041,218)


$    60,162,624

Add:









Impact of Selected Items:









(Gain) Loss on the Mark-to-Market of Derivative Instruments


(8,408,682)


(68,600,900)


59,115,913


(25,433,684)

Restructuring Costs


523,487


-


523,487


-

Impairment of Oil and Natural Gas Properties


354,422,654


-


996,815,713


-

Legal Settlements


-


577,000


-


577,000

Selected Items, Before Income Taxes (Benefit)


346,537,459


(68,023,900)


1,056,455,113


(24,856,684)

Income Tax of Selected Items(1)


(8,710,160)


25,645,010


(221,312,923)


9,370,970

Selected Items, Net of Income Taxes (Benefit)


337,827,299


(42,378,890)


835,142,190


(15,485,714)










Adjusted Net Income


$     14,585,267


$   15,606,420


$       32,100,972


$    44,676,910










Weighted Average Shares Outstanding – Basic 


60,679,257


60,559,827


60,627,142


60,753,752

Weighted Average Shares Outstanding – Diluted


60,725,886


60,736,502


60,716,819


60,950,641










Net (Loss) Income Per Common Share – Basic


$               (5.33)


$              0.96


$               (13.25)


$              0. 99

Add:









Impact of Selected Items, Net of Income Taxes


5.57


(0.70)


13.78


(0.25)

Adjusted Net Income Per Common Share – Basic


$                0.24


$              0.26


$                  0.53


$               0.74










Net (Loss) Income Per Common Share – Diluted


$               (5.32)


$              0.95


$               (13.23)


$               0.99

Add:









Impact of Selected Items, Net of Income Taxes


5.56


(0.69)


13.76


(0.25)

Adjusted Net Income Per Common Share – Diluted


$                0.24


$              0.26


$                  0.53


$               0.74

______________

(1)

For the 2015 columns, this represents tax impact using an estimated tax rate of 37.2% and 37.0% for the three and nine months ended September 30, 2015, respectively.  These columns include a $120.1 million and $170.0 million adjustment for a change in valuation allowance for the three and nine months ended September 30, 2015, respectively.  For the 2014 columns, this represents tax impact using an estimated tax rate of 37.7%.

 

Reconciliation of Adjusted EBITDA



Three Months Ended

September 30,


Nine Months Ended

September 30,


2015


2014


2015


2014

Net (Loss) Income

$(323,242,032)


$   57,985,310


$ (803,041,218)


$     60,162,624

Add:








Interest Expense

16,154,160


10,624,246


42,278,400


30,850,004

Income Tax Provision (Benefit)

(77,544)


35,050,000


(202,424,154)


36,400,000

Depreciation, Depletion, Amortization and Accretion

31,670,479


45,646,232


113,629,323


123,959,402

Impairment of Oil and Natural Gas Properties

354,422,654


-


996,815,713


-

Non-Cash Share Based Compensation

1,141,241


736,971


3,221,715


2,022,180

(Gain) Loss on the Mark-to-Market of Derivative Instruments

(8,408,682)


(68,600,900)


59,115,913


(25,433,684)

Adjusted EBITDA

$    71,660,276


$   81,441,859


$   209,595,692


$   227,960,526

 

SOURCE Northern Oil and Gas, Inc.



RELATED LINKS

http://www.NorthernOil.com