Northern Oil and Gas, Inc. Announces 2011 Third Quarter Results, Record Quarterly Production and Addition of New Chief Financial Officer and Provides Operations Update
WAYZATA, Minn., Nov. 9, 2011 /PRNewswire/ --
- 32% Production Increase Over the Second Quarter of 2011
- 111% Production Increase Over the Third Quarter of 2010
- Record Production, Revenue, Earnings and Adjusted EBITDA
Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) ("Northern Oil") today announced record third quarter oil and gas sales of approximately $43.7 million. For the three months ended September 30, 2011, Northern Oil had net income of $28.6 million, or $0.46 per fully diluted share. Excluding the effect of unrealized mark-to-market gains from oil hedges, Northern Oil had net income of $11.9 million, representing $0.19 per fully diluted share. The increase in net income, excluding the effect of unrealized mark-to-market gains from oil hedges represents a 141% increase from the third quarter of 2010 and a 54% increase from the second quarter of 2011.
ADDITION OF NEW CHIEF FINANCIAL OFFICER
Northern Oil today announced that Thomas W. Stoelk will join the Company as Chief Financial Officer effective December 12, 2011. Mr. Stoelk, 56, joins Northern Oil after having served since June 2005 as Vice President and Chief Financial Officer of Superior Well Services, Inc., an oil and gas well service company traded on NASDAQ until its sale in 2010 to Nabors Industries. From 1999 to 2005, Mr. Stoelk served as Senior Vice President and Chief Financial Officer of Great Lakes Energy Partners, LLC, an independent oil and gas producer. From 1994 to 1999, Mr. Stoelk served as Senior Vice President, Finance & Administration of Range Resources Corporation, an independent oil and gas producer listed on the New York Stock Exchange. Prior to joining Range Resources, Mr. Stoelk was a Certified Public Accountant and a Senior Manager with Ernst & Young LLP. Mr. Stoelk will replace Chad Winter, who has served as Chief Financial Officer since March 2010. Mr. Winter will remain with Northern Oil in the role of Vice President of Finance.
Michael Reger, Chief Executive Officer, commented, "We are extremely excited to add Tom to the Northern Oil team, and believe he will add a wealth of experience and expertise to our rapidly growing company. We believe Tom's skill set will fit perfectly with the objectives of our company going forward. We thank Chad for his service as Chief Financial Officer and look forward to his continued contribution in his new role at our company."
2011 THIRD QUARTER RESULTS
Oil and gas sales for the third quarter of 2011 were approximately $43.7 million, which represents a 181% increase from the third quarter of 2010 and a 23% increase from the second quarter of 2011.
Production volumes for the third quarter of 2011 were a quarterly record of 528,362 barrels of oil equivalent ("BOE"), which represents a 111% increase compared to the third quarter of 2010 and a 32% increase compared to the second quarter of 2011. These production results are within the range of our previously issued guidance.
Average daily production in the third quarter of 2011 was approximately 5,900 BOE per day ("BOEPD"). September 2011 daily production averaged approximately 7,000 BOEPD. Third quarter 2011 production consisted of approximately 93% crude oil and 7% associated natural gas and other liquids.
During the third quarter of 2011, Northern Oil added production from 88 gross (5.7 net) wells. During the nine months ending September 30, 2011, Northern Oil added production from 216 gross (17.4 net) wells. Northern Oil is currently participating in an additional 201 gross (22.8 net) Bakken or Three Forks wells drilling, awaiting completion or completing as of November 4, 2011.
During the third quarter, Northern Oil spud approximately nine net wells. From October 1, 2011 through November 4, 2011, Northern Oil has spud an additional five net wells, bringing the cumulative net wells spud in 2011 to 31 through November 4, 2011. Northern Oil reaffirms that it expects to spud at least 40 net wells in 2011.
During the three months ended September 30, 2011, Northern Oil realized an $81.53 average price per barrel of crude oil (after the effect of settled oil derivatives), compared to a $69.64 average price per barrel of crude oil (after the effect of settled oil derivatives) during the three months ended September 30, 2010. During the nine months ended September 30, 2011, Northern Oil realized a $79.22 average price per barrel of crude oil (after the effect of settled oil derivatives), compared to a $69.85 average price per barrel of crude oil (after the effect of settled oil derivatives) during the nine months ended September 30, 2010.
Production expenses for third quarter 2011 were $6.57 per BOE, compared to $4.19 per BOE for the third quarter of 2010 and $5.94 per BOE for the second quarter of 2011. The increase in production expense is primarily due to exposure to new operators and new development areas, mature wells utilizing artificial lift and the general aging of production.
Depletion expense for third quarter 2011 was $10.7 million, or $20.34 per BOE, compared to $8.3 million, or $20.83 per BOE, for the second quarter of 2011. The decrease in depletion expense per BOE is primarily due to the increase in our proved reserves relative to acreage and well development costs related to estimates of our proved reserves.
General and administrative expense, net of share based compensation, for third quarter 2011 was $1.9 million, compared to $1.2 million in the second quarter of 2011. Share based compensation for the third quarter 2011 was $2.2 million, compared to $1.5 million in the second quarter of 2011.
ADJUSTED EBITDA
Adjusted EBITDA for the third quarter 2011 was $31.9 million, or $0.51 per fully diluted share, which represents a 150% increase over Adjusted EBITDA of $12.8 million, or $0.24 per fully diluted share, for the third quarter 2010 and a 40% increase compared to the second quarter of 2011.
Northern Oil defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depreciation, depletion and amortization, (iv) accretion of abandonment liability, (v) pre-tax unrealized gain and losses on the mark to market of derivative instruments and (vii) non-cash expenses relating to share-based payments recognized under Accounting Standards Codification (ASC) Topic 718. Net income excluding unrealized mark-to-market hedging gains or losses and Adjusted EBITDA are non-GAAP measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included in our accompanying financial tables found later in this release. Northern Oil's management believes the use of these non-GAAP measures provides useful information to investors to gain an overall understanding of Northern Oil's 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 commodity gains and losses, which management believes are not indicative of Northern Oil's core operating results. In addition, these non-GAAP financial measures are used by Northern Oil's management for budgeting and forecasting as well as subsequently measuring Northern Oil's performance, and management believes that Northern Oil is providing investors with financial measures that most closely align to its internal measurement processes.
DERIVATIVE ACTIVITY
As of September 30, 2011, Northern Oil had a total volume of open commodity swaps consisting of 1,222,000 barrels of oil at a weighted average price of approximately $89.29 that settle between October 2011 and December 2012.
In addition to the swaps, as of September 30, 2011, Northern Oil had 108,000 barrels of crude oil collared between $85.00 and $101.75 that settle between October 2011 and December 2011. Subsequent to the quarter ended September 30, 2011, Northern Oil entered into two additional costless collars. As of November 7, 2011 Northern Oil also had the following production volumes secured through the use of costless collars settled in WTI NYMEX pricing.
Contract |
Volume |
Strike Price |
Term |
||||||
Costless Collar |
67,000 |
$85.00/$101.75 |
Nov 1—Dec 31, 2011 |
||||||
Costless Collar |
216,116 |
$85.00/$95.25 |
Nov 1, 2011—Dec 31, 2012 |
||||||
Costless Collar |
760,794 |
$85.00/$98.00 |
Jan 1—Dec 31, 2013 |
||||||
ACREAGE UPDATE
During the third quarter of 2011, Northern Oil acquired leasehold interests covering an aggregate of 6,300 net mineral acres for an average of $1,880 per net acre and an aggregate cost of approximately $11.8 million. As of September 30, 2011, Northern Oil controls more than 158,000 net acres in the Williston Basin Bakken and Three Forks play.
As of November 4, 2011, Northern Oil has approximately 58,000 net acres either developed (held by production) or under the bit, which represents approximately 37% of Northern Oil's total Bakken and Three Forks acreage position at September 30, 2011.
FOURTH QUARTER PRODUCTION GUIDANCE
Northern Oil currently expects to increase production by approximately 25% to 35% in the fourth quarter of 2011 over the third quarter of 2011, assuming typical weather scenarios in the Williston Basin in November and December. This expectation is based on robust recent completion activity and the higher average working interest per completed well that Northern Oil expects to see in the fourth quarter compared to the third quarter of 2011.
RECENT COMPLETION HIGHLIGHTS
The following table illustrates certain highlighted well completions in which Northern Oil has recently participated with a working interest ("WI").
WELL NAME |
OPERATOR |
COUNTY, STATE |
WI* |
IP** |
|
LOVE 11-2 1H |
SAMSON RESOURCES |
WILLIAMS, ND |
40.00% |
543 |
|
TURBO 1-21-16H |
SLAWSON |
DUNN, ND |
36.43% |
1,067 |
|
CHARLIE SORENSON 17-8 1H |
BRIGHAM |
MOUNTRAIL, ND |
33.58% |
3,913 |
|
NEPTUNE 2-15H |
SLAWSON |
MOUNTRAIL, ND |
20.35% |
2,029 |
|
BORRUD 156-101-11D-2-1H |
PETRO HUNT |
WILLIAMS, ND |
17.48% |
800 |
|
TARPON FEDERAL 21-4H |
WHITING |
MCKENZIE, ND |
17.44% |
7,009 |
|
SKEDSVOLD 150-101-4B-9-1H |
PETRO HUNT |
MCKENZIE, ND |
16.93% |
810 |
|
LINK 12-1H |
ZENERGY |
MCKENZIE, ND |
12.60% |
1,153 |
|
BARKLEY 1-12H |
CONTINENTAL |
MCKENZIE, ND |
12.32% |
1,413 |
|
HUNTER 2-18-7H |
SLAWSON |
MOUNTRAIL, ND |
11.74% |
1,357 |
|
HOLM 9-4 1H |
BRIGHAM |
MOUNTRAIL, ND |
9.75% |
3,032 |
|
HOLM 9-4 2H |
BRIGHAM |
MOUNTRAIL, ND |
9.75% |
2,196 |
|
* The WI noted above are based on Northern Oil's internal records and are subject to verification by operators' third-party legal counsel in connection with the preparation of final division order title opinions.
** The "IP" means the initial production ("IP") rate expressed in barrels of oil equivalent per day. The IP rate is the 24-hour "Peak Production Rate." Peak Production Rates may be established following the initial day of production, depending on operator design or well flowback profiles. The IP rate may be estimated based on other third party estimates or limited data available at this time. The IP is computed using barrels of oil equivalent.
CURRENT DRILLING ACTIVITY
The following table illustrates the Bakken or Three Forks wells drilling, awaiting completion or completing in which Northern Oil is participating with a working interest of at least one percent (1%) as of November 4, 2011.
WELL NAME |
OPERATOR |
COUNTY, STATE |
WI* |
||
1 |
KNUDSVIG 12-1-160-100H 1PB |
BAYTEX |
DIVIDE, ND |
57.11% |
|
2 |
HIGHLAND 2-9H |
SINCLAIR |
MOUNTRAIL, ND |
54.57% |
|
3 |
PROBE 1-19-30H |
SLAWSON |
MOUNTRAIL, ND |
50.06% |
|
4 |
ROSE 147-99-28-2H |
CONOCO |
MCKENZIE, ND |
50.00% |
|
5 |
JOHNSON 30-31-161-99H |
BAYTEX |
DIVIDE, ND |
47.93% |
|
6 |
LORI 18-19H |
FIDELITY |
MOUNTRAIL, ND |
47.06% |
|
7 |
JOHNSON 25-36-160-100H 1BP |
BAYTEX |
DIVIDE, ND |
45.10% |
|
8 |
BRAGG 32-29-160-98H 1NC |
BAYTEX |
DIVIDE, ND |
43.18% |
|
9 |
TITAN #36-25-164-99H |
SAMSON RESOURCES |
DIVIDE, ND |
42.60% |
|
10 |
SCOUT 1-18H |
SLAWSON |
MOUNTRAIL, ND |
41.29% |
|
11 |
MUSTANG 2-22H |
SLAWSON |
MOUNTRAIL, ND |
39.56% |
|
12 |
KANDIYOHI 1-19H |
EOG RESOURCES |
BURKE, ND |
37.47% |
|
13 |
CONDOR 1-36-25H |
SLAWSON |
MCKENZIE, ND |
35.94% |
|
14 |
CHARLIE SORENSON 17-8 2-H |
BRIGHAM |
MOUNTRAIL, ND |
33.58% |
|
15 |
OLSON RANCH 1-21-16H |
G3 OPERATING |
ROOSEVELT, MT |
33.00% |
|
16 |
DENALI 13-24-163-98H |
SAMSON RESOURCES |
DIVIDE, ND |
32.45% |
|
17 |
HOLLAND 9-19H |
NORTH PLAINS |
WILLIAMS, ND |
32.40% |
|
18 |
CROSBY CREEK 1-5H |
SINCLAIR |
DUNN, ND |
29.63% |
|
19 |
STARLING 11-2-163-96H |
SAMSON RESOURCES |
DIVIDE, ND |
29.27% |
|
20 |
BLUE JAY 32-29-163-95H |
SAMSON RESOURCES |
DIVIDE, ND |
29.13% |
|
21 |
AV-SCHWARTZ-163-93-1102H-1 |
HESS |
BURKE, ND |
29.08% |
|
22 |
LARK 29-32-162-96H |
SAMSON RESOURCES |
DIVIDE, ND |
28.62% |
|
23 |
OAKLAND 151-103-29B-32-1H |
PETRO HUNT |
MCKENZIE, ND |
28.47% |
|
24 |
OPPEGAARD 9-9H |
NORTH PLAINS |
WILLIAMS, ND |
28.12% |
|
25 |
VANVILLE 21-2635H |
EOG RESOURCES |
BURKE, ND |
28.08% |
|
26 |
VANVILLE 22-2623H |
EOG RESOURCES |
BURKE, ND |
28.08% |
|
27 |
STORK 20-17-162-96H |
SAMSON RESOURCES |
DIVIDE, ND |
27.99% |
|
28 |
PELICAN 26-35-162-96H |
SAMSON RESOURCES |
DIVIDE, ND |
27.30% |
|
29 |
ZI CLIFFSIDE 12-11H |
ZENERGY |
MCKENZIE, ND |
26.80% |
|
30 |
REGAL 12-1-162-98H |
SAMSON RESOURCES |
DIVIDE, ND |
25.89% |
|
31 |
FRANK 31-4-1H |
GMX RESOURCES |
STARK, ND |
25.21% |
|
32 |
STAMPEDE 2-36-25H |
SLAWSON |
WILLIAMS, ND |
25.00% |
|
33 |
CPEC RIDGEWAY 25-36-163N-101W |
CRESCENT POINT |
DIVIDE, ND |
25.00% |
|
34 |
PHEASANT 14-23-163-96H |
SAMSON RESOURCES |
DIVIDE, ND |
24.03% |
|
35 |
ENNS 28-21 1H |
BRIGHAM |
MOUNTRAIL, ND |
23.57% |
|
36 |
PERSON 24-35H |
MARATHON |
DUNN, ND |
23.03% |
|
37 |
STALLION 2-1-12H |
SLAWSON |
MOUNTRAIL, ND |
22.41% |
|
38 |
GORHMAN 14-31TFH |
CONOCO |
DUNN, ND |
21.36% |
|
39 |
GORHMAN 24-31MBH |
CONOCO |
DUNN, ND |
21.36% |
|
40 |
MARAUDER 13-24-162-98H |
SAMSON RESOURCES |
DIVIDE, ND |
21.30% |
|
41 |
THOMTE 8-5-163-99H |
SAMSON RESOURCES |
DIVIDE, ND |
21.30% |
|
42 |
CUTTHROAT 1-22H |
SLAWSON |
RICHLAND, ND |
20.00% |
|
43 |
ROVER 1-20H |
SLAWSON |
RICHLAND, MT |
20.00% |
|
44 |
CPEC JURASIN 32-29-163N-100W |
SAMSON RESOURCES |
DIVIDE, 2 |
19.95% |
|
45 |
OBENOUR 150-99-21-16-1H |
NEWFIELD |
MCKENZIE, ND |
18.75% |
|
46 |
REGETH 22-1H |
HESS |
DUNN, ND |
18.75% |
|
47 |
EN-LONETREE FARMS 156-94-0805H-2 |
HESS |
MOUNTRAIL, ND |
18.71% |
|
48 |
CRESCENT FARMS 7-6 1H |
ZAVANNA |
MCKENZIE, ND |
17.88% |
|
49 |
HARLAN REBSOM 1-2-11H-143-95 |
OXY |
DUNN, ND |
17.81% |
|
50 |
LYNN 5502 11-10H |
OASIS |
WILLIAMS, ND |
15.68% |
|
51 |
STATE JAEGER 1-16-21H-142-94 |
OXY |
DUNN, ND |
15.63% |
|
52 |
SIDONIA 41-2017H |
EOG RESOURCES |
MOUNTRAIL, ND |
15.63% |
|
53 |
EN-KIESEL 155-94-1918H-2 |
HESS |
MOUNTRAIL, ND |
15.03% |
|
54 |
GO-SOLBERG 15-31H |
HESS |
WILLIAMS, ND |
14.76% |
|
55 |
NOMAD 6-7-163-99H |
SAMSON RESOURCES |
DIVIDE, ND |
14.71% |
|
56 |
BW-R PETERSON 149-99-0211H-1 |
HESS |
MCKENZIE, ND |
13.95% |
|
57 |
RHODA 24-31H |
MARATHON |
MOUNTRAIL, ND |
12.82% |
|
58 |
HILLY 22-15 1H |
BRIGHAM |
MCKENZIE, ND |
12.66% |
|
59 |
MIRAMAR 1-32AH |
CONTINENTAL |
MCKENZIE, ND |
12.63% |
|
60 |
EN-PERSON 156-94-1102H-2 |
HESS |
MOUNTRAIL, ND |
12.55% |
|
61 |
EN-PERSON 156-94-1102H-3 |
HESS |
MOUNTRAIL, ND |
12.55% |
|
62 |
LOSTWOOD 1-1201H |
EOG RESOURCES |
MOUNTRAIL, ND |
12.52% |
|
63 |
LOSTWOOD 18-1224H |
EOG RESOURCES |
MOUNTRAIL, ND |
12.52% |
|
64 |
LOSTWOOD 19-1324H |
EOG RESOURCES |
MOUNTRAIL, ND |
12.52% |
|
65 |
LOSTWOOD 2-1301H |
EOG RESOURCES |
MOUNTRAIL, ND |
12.52% |
|
66 |
MATTER STATE 3-17H |
CORNERSTONE |
BURKE, ND |
12.50% |
|
67 |
MOE 19-18-162-100H 1PB |
BAYTEX |
DIVIDE, ND |
12.24% |
|
68 |
FERTILE 28-26H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.88% |
|
69 |
MUSTANG 7-6-163-98H |
SAMSON RESOURCES |
DIVIDE, ND |
11.72% |
|
70 |
LOSTWOOD 102-3526H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.52% |
|
71 |
LOSTWOOD 16-3526H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.52% |
|
72 |
LOSTWOOD 20-1123H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.51% |
|
73 |
LOSTWOOD 21-1402H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.51% |
|
74 |
LOSTWOOD 22-1423H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.51% |
|
75 |
LOSTWOOD 23-3526H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.51% |
|
76 |
LOSTWOOD 6-1102H |
EOG RESOURCES |
MOUNTRAIL, ND |
11.51% |
|
77 |
EN-SELBY 157-93-0805H-1 |
HESS |
MOUNTRAIL, ND |
11.18% |
|
78 |
GABRIEL 3-36-25H |
SLAWSON |
MCKENZIE, ND |
10.94% |
|
79 |
GORDON PAVLICEK 1-17-20H 141-95 |
OXY |
DUNN, ND |
10.94% |
|
80 |
SIDONIA 9-35H |
EOG RESOURCES |
MOUNTRAIL, ND |
10.78% |
|
81 |
CLEARWATER 25-3202H |
EOG RESOURCES |
MOUNTRAIL, ND |
10.29% |
|
82 |
LESLIE 42X-13 |
XTO |
MCKENZIE, ND |
10.16% |
|
83 |
TABOO 1-25-36H |
SLAWSON |
MCKENZIE, ND |
10.00% |
|
84 |
ELSIE DVORAK 1-8-17H-141-96 |
OXY |
DUNN, ND |
9.74% |
|
85 |
SHORT PRAIRIE 2-1011H |
EOG RESOURCES |
WILLIAMS, ND |
9.70% |
|
86 |
JOHNSON 1-3H |
SINCLAIR |
MCKENZIE, ND |
9.42% |
|
87 |
GJOA LYNN 10012H |
ARSENAL ENERGY |
MOUNTRAIL, ND |
9.38% |
|
88 |
BROWN 30-19 2H |
BRIGHAM |
MOUNTRAIL, ND |
9.25% |
|
89 |
SQUADRON 1-15-14H |
SLAWSON |
ROOSEVELT, MT |
8.78% |
|
90 |
ANDERSON 12-18H |
TRUE OIL |
MCKENZIE, ND |
8.66% |
|
91 |
CITADEL 2-11-2H |
SLAWSON |
ROOSEVELT, MT |
7.79% |
|
92 |
SCHILKE 16-21-1H |
NORTH PLAINS |
WILLIAMS, ND |
7.69% |
|
93 |
QUALE 1-1H |
CONTINENTAL |
MCKENZIE, ND |
7.69% |
|
94 |
WHITE 157-100-17B-20-1H |
PETRO HUNT |
WILLIAMS, ND |
7.55% |
|
95 |
1-H OSMOND 3-10 |
NEWFIELD |
WILLIAMS, ND |
7.51% |
|
96 |
WALDOCK 21-16H |
MARATHON |
MCLEAN, ND |
7.05% |
|
97 |
LIBERTY 24-2531H |
EOG RESOURCES |
MOUNTRAIL, ND |
6.76% |
|
98 |
THORVALD 2-6H |
CONTINENTAL |
DUNN, ND |
6.70% |
|
99 |
ROSENVOLD 1-30H |
CONTINENTAL |
DIVIDE, ND |
6.44% |
|
100 |
HALLIDAY 2-25-36H |
HUNT OIL |
DUNN, ND |
6.38% |
|
101 |
KANDIYOHI 5-3031H |
EOG RESOURCES |
BURKE, ND |
6.36% |
|
102 |
LONETREE 2758 43-9H |
OASIS |
ROOSEVELT, MT |
6.25% |
|
103 |
BW-HELGA STENSETH 29-1H |
HESS |
MCKENZIE, ND |
6.25% |
|
104 |
EN-JOHNSON -A 155-94-2932H-2 |
HESS |
MOUNTRAIL, ND |
6.25% |
|
105 |
KANDIYOHI 21-3427H |
EOG RESOURCES |
BURKE, ND |
6.25% |
|
106 |
BUCKLEY 1-9H |
CONTINENTAL |
RICHLAND, MT |
6.25% |
|
107 |
HAWKEYE 16-21 1-H |
BRIGHAM |
WILLIAMS, ND |
6.25% |
|
108 |
DAVID SADOWSKY 1-11-14H-142-96 |
OXY |
DUNN, ND |
6.25% |
|
109 |
KATE 2-19H |
CONTINENTAL |
DUNN, ND |
6.15% |
|
110 |
CLEARWATER 16-3301H |
EOG RESOURCES |
MOUNTRAIL, ND |
6.07% |
|
111 |
GO-ALASKON-156-97-3427H-1 |
HESS |
WILLIAMS, ND |
5.94% |
|
112 |
1-H HUNTER 17-20 |
NEWFIELD |
WILLIAMS, ND |
5.55% |
|
113 |
SIDONIA 26-2413H |
EOG RESOURCES |
MOUNTRAIL, ND |
5.55% |
|
114 |
SETTERLUND 159-94-28B-33-1H |
PETRO HUNT |
BURKE, ND |
5.31% |
|
115 |
KELTER 7-6H |
ZENERGY |
MCKENZIE/WILLIAMS, ND |
5.02% |
|
116 |
BRUCE 5-8 1H |
ZAVANNA |
WILLIAMS, ND |
4.69% |
|
117 |
SONOMA 19-30-161-92HOR |
SAMSON RESOURCES |
BURKE, ND |
4.23% |
|
118 |
HONOLULU 1-22H |
CONTINENTAL |
MCKENZIE, ND |
4.22% |
|
119 |
OXY OLSON 160-90-10-P-1H |
OXY |
BURKE, ND |
4.17% |
|
120 |
FROEHLICH 41-9TFH |
WHITING |
STARK, ND |
4.02% |
|
121 |
AMBUSH 1-31-30H |
SLAWSON |
WILLIAMS, ND |
3.96% |
|
122 |
EN-JOHNSON 155-94-2017H-2 |
HESS |
MOUNTRAIL, ND |
3.91% |
|
123 |
JOHNSON 44-32H |
MARATHON |
MOUNTRAIL, ND |
3.87% |
|
124 |
ZEPHYR 2-36H |
SLAWSON |
MOUNTRAIL, ND |
3.76% |
|
125 |
CHALMERS 5300 31-19H |
OASIS |
MCKENZIE, ND |
3.45% |
|
126 |
WANNEMACHER 1-4-9H-142-95 |
OXY |
DUNN, ND |
3.14% |
|
127 |
WILLIAM 41X-06 |
XTO |
MCKENZIE, ND |
3.14% |
|
128 |
GO-GOLDEN VALLEY 157-96-2833H-1 |
HESS |
WILLIAMS, ND |
3.13% |
|
129 |
KOUFAX 3-10 1H |
ZAVANNA |
MCKENZIE, ND |
3.13% |
|
130 |
EAST GRIZZLY FEDERAL 3-25-13-3H |
KODIAK |
MCKENZIE, ND |
3.13% |
|
131 |
HARDSCRABBLE 10-2536H |
EOG RESOURCES |
WILLIAMS, ND |
3.13% |
|
132 |
GLENDON 1-17H |
CONTINENTAL |
WILLIAMS, ND |
3.05% |
|
133 |
EN-THRONSON 154-94-2029H-1 |
HESS |
MOUNTRAIL, ND |
2.88% |
|
134 |
MARVIN 27-34 1H |
BRIGHAM |
MCKENZIE, ND |
2.86% |
|
135 |
MOE 29-32-162-100H 1BP |
BAYTEX |
DIVIDE, ND |
2.79% |
|
136 |
ABELMANN STATE 21-16 2H |
BRIGHAM |
MCKENZIE, ND |
2.73% |
|
137 |
EN MOORE 157-93-1819H-1 |
HESS |
MOUNTRAIL, ND |
2.51% |
|
138 |
VERLYN STROMMEN 34-8H |
MARATHON |
DUNN, ND |
2.50% |
|
139 |
EN-NORSTEDT 157-93-1720H-1 |
HESS |
MOUNTRAIL, ND |
2.50% |
|
140 |
HELLING TRUST 11-15H |
OASIS |
MOUNTRAIL, ND |
2.41% |
|
141 |
LEISETH 1-24H |
SM ENERGY |
MCKENZIE, ND |
2.34% |
|
142 |
WOLTER 13-23H |
SM ENERGY |
WILLIAMS, ND |
1.92% |
|
143 |
EN-HYNEK155-93-0112H-2 |
HESS |
MOUNTRAIL, ND |
1.82% |
|
144 |
EN-HYNEK155-93-0112H-3 |
HESS |
MOUNTRAIL, ND |
1.82% |
|
145 |
JOYCE REPP 21-17H |
MARATHON |
DUNN, ND |
1.70% |
|
146 |
BARSTAD 23-14 1H |
BRIGHAM |
MOUNTRAIL, ND |
1.65% |
|
147 |
BARSTAD 23-14 2H |
BRIGHAM |
MOUNTRAIL, ND |
1.65% |
|
148 |
ELEANOR TWIST 1-10-3H-143-95 |
OXY |
DUNN, ND |
1.57% |
|
149 |
OBRIGEWITCH 11-17TFH |
WHITING |
STARK, ND |
1.56% |
|
150 |
SKUNK CREEK 2-8-17-15H |
KODIAK |
DUNN, ND |
1.56% |
|
151 |
SKUNK CREEK 2-8-17-14H3 |
KODIAK |
DUNN, ND |
1.56% |
|
152 |
FRASER FEDERAL 5300 24-34H |
OASIS |
MCKENZIE, ND |
1.52% |
|
153 |
SCHILKE 1-30H |
CONTINENTAL |
DIVIDE, ND |
1.51% |
|
154 |
PALERMO 2-6-34H |
HUNT OIL |
MOUNTRAIL, ND |
1.47% |
|
155 |
TIM ECKELBERG 44-22H |
MARATHON |
DUNN, ND |
1.39% |
|
156 |
HARDSCABBLE 8-0409H |
EOG RESOURCES |
WILLIAMS, ND |
1.33% |
|
157 |
CROSSBOW 1-7-6H |
SLAWSON |
MCKENZIE, ND |
1.30% |
|
158 |
HOVDEN 15-1H |
HESS |
DUNN, ND |
1.30% |
|
159 |
OSTLUND 11-14H |
MARATHON |
MOUNTRAIL, ND |
1.30% |
|
160 |
JAMES HILL 10-0112H |
EOG RESOURCES |
MOUNTRAIL, ND |
1.25% |
|
161 |
RAYMOND 21X-5 |
XTO |
WILLIAMS, ND |
1.16% |
|
162 |
DAWSON 5494 13-1H |
OASIS |
MOUNTRAIL, ND |
1.13% |
|
163 |
EN-RHODE 157-94-3625H-1 |
HESS |
MOUNTRAIL, ND |
1.07% |
|
164 |
CLIFFORD BAKKE 26-35 3H |
BRIGHAM |
MOUNTRAIL, ND |
1.04% |
|
165 |
CLEARWATER 4-11H |
EOG RESOURCES |
MOUNTRAIL, ND |
1.04% |
|
166 |
RON 28-33 #1H |
BRIGHAM |
MCKENZIE, ND |
1.04% |
|
* The WI noted above are based on Northern Oil's internal records and are subject to verification by operators' third-party legal counsel in connection with the preparation of final division order title opinions.
MANAGEMENT COMMENT
Michael Reger, Chief Executive Officer, commented, "With approximately 37% of our Bakken and Three Forks position developed or under the bit, we are moving ahead at an excellent pace. We believe our expertise and specialty in non-operated interests continues to yield excellent results and we continue to add meaningful acreage, production and cash flow. We wish to recognize the substantial contributions in advancing this play made by our operating partners and remain extremely excited about the continued evolution of oil exploration and production in the Williston Basin."
THIRD QUARTER EARNINGS RELEASE TELECONFERENCE CALL
In conjunction with Northern Oil'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 Wednesday, November 9, 2011 at 10:00 a.m. Central Time. Details for the conference call are as follows:
Dial-In Number: (888) 684-1259 (US/Canada) and (913) 312-1471(International)
Conference ID: 4545608 - Northern Oil and Gas Third Quarter Earnings Release
Replay Dial-In Number: (888) 203-1112 (US/Canada) and (719) 457-0820 (International)
Replay Access Code: 4545608 - Replay will be available through November 23, 2011
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is 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 our 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 report regarding our 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 report, 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 our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions, nationally and/or in the regions in which our Company conducts business, oil and gas prices, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our 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 our Company's operations, products, services and prices.
We have based these forward-looking statements on our current expectations and assumptions about future events. While our 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 our control.
CONTACT:
Investor Relations
Erik Nerhus
952-476-9800
NORTHERN OIL AND GAS, INC. CONDENSED BALANCE SHEETS SEPTEMBER 30, 2011 AND DECEMBER 31, 2010 ASSETS (UNAUDITED) |
||||||||||
September 30, |
December 31, |
|||||||||
2011 |
2010 |
|||||||||
CURRENT ASSETS |
||||||||||
Cash and Cash Equivalents |
$ 8,265,649 |
$ 152,110,701 |
||||||||
Trade Receivables |
44,561,467 |
22,033,647 |
||||||||
Prepaid Drilling Costs |
28,016,106 |
13,225,650 |
||||||||
Prepaid Expenses |
457,492 |
345,695 |
||||||||
Other Current Assets |
290,306 |
475,967 |
||||||||
Derivative Asset |
8,475,550 |
- |
||||||||
Short - Term Investments |
- |
39,726,700 |
||||||||
Deferred Tax Asset |
- |
5,100,000 |
||||||||
Total Current Assets |
90,066,570 |
233,018,360 |
||||||||
PROPERTY AND EQUIPMENT |
||||||||||
Oil and Natural Gas Properties, Full Cost Method of Accounting |
||||||||||
Proved |
400,904,005 |
158,846,475 |
||||||||
Unproved |
146,459,279 |
136,135,163 |
||||||||
Other Property and Equipment |
2,660,240 |
2,479,199 |
||||||||
Total Property and Equipment |
550,023,524 |
297,460,837 |
||||||||
Less - Accumulated Depreciation and Depletion |
48,329,024 |
22,152,356 |
||||||||
Total Property and Equipment, Net |
501,694,500 |
275,308,481 |
||||||||
DERIVATIVE ASSET |
2,881,377 |
- |
||||||||
DEBT ISSUANCE COSTS |
1,329,302 |
1,367,124 |
||||||||
Total Assets |
$ 595,971,749 |
$ 509,693,965 |
||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
CURRENT LIABILITIES |
||||||||||
Accounts Payable |
$ 52,519,516 |
$ 48,500,204 |
||||||||
Accrued Expenses |
2,960,868 |
2,829 |
||||||||
Derivative Liability |
- |
11,145,319 |
||||||||
Other Liabilities |
18,574 |
18,574 |
||||||||
Deferred Tax Liability |
2,531,000 |
- |
||||||||
Total Current Liabilities |
58,029,958 |
59,666,926 |
||||||||
LONG-TERM LIABILITIES |
||||||||||
Revolving Credit Facility |
15,000,000 |
- |
||||||||
Derivative Liability |
- |
5,022,657 |
||||||||
Other Noncurrent Liabilities |
744,106 |
477,900 |
||||||||
Deferred Tax Liability |
27,699,000 |
9,167,000 |
||||||||
Total Long-Term Liabilities |
43,443,106 |
14,667,557 |
||||||||
Total Liabilities |
101,473,064 |
74,334,483 |
||||||||
COMMITMENTS AND CONTINGENCIES (10-Q FN) |
||||||||||
STOCKHOLDERS' EQUITY |
||||||||||
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding |
- |
- |
||||||||
Common Stock, Par Value $.001; 95,000,000 Authorized, (9/30/2011 -63,155,424 |
||||||||||
Shares Outstanding and 12/31/2010 – 62,129,424 Shares Outstanding) |
63,155 |
62,129 |
||||||||
Additional Paid-In Capital |
444,937,243 |
428,484,092 |
||||||||
Retained Earnings |
49,751,472 |
7,759,192 |
||||||||
Accumulated Other Comprehensive Loss |
(253,185) |
(945,931) |
||||||||
Total Stockholders' Equity |
494,498,685 |
435,359,482 |
||||||||
Total Liabilities and Stockholders' Equity |
$ 595,971,749 |
$ 509,693,965 |
||||||||
NORTHERN OIL AND GAS, INC. CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (UNAUDITED) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
September 30, |
September 30, |
||||||||||||||
2011 |
2010 |
2011 |
2010 |
||||||||||||
REVENUES |
|||||||||||||||
Oil and Gas Sales |
$43,680,619 |
$15,541,520 |
$106,203,904 |
$35,575,240 |
|||||||||||
(Loss) Gain on Settled Derivatives |
(1,824,719) |
776,010 |
(10,695,006) |
902,946 |
|||||||||||
Mark-to-Market Gain (Loss) of Derivative Instruments |
27,105,400 |
(6,449,577) |
26,675,003 |
(3,189,194) |
|||||||||||
Other Revenue |
88,738 |
15,868 |
218,984 |
48,116 |
|||||||||||
Total Revenues |
69,050,038 |
9,883,821 |
122,402,885 |
33,337,108 |
|||||||||||
OPERATING EXPENSES |
|||||||||||||||
Production Expenses |
3,910,859 |
1,084,769 |
8,542,761 |
1,978,526 |
|||||||||||
Production Taxes |
4,261,407 |
1,604,608 |
10,188,308 |
3,274,751 |
|||||||||||
General and Administrative Expense |
4,073,988 |
1,624,071 |
10,113,995 |
5,242,582 |
|||||||||||
Depletion of Oil and Gas Properties |
10,749,384 |
3,767,712 |
25,962,463 |
8,252,153 |
|||||||||||
Depreciation and Amortization |
75,597 |
60,300 |
214,205 |
111,197 |
|||||||||||
Accretion of Discount on Asset Retirement Obligations |
7,781 |
18,025 |
20,305 |
30,777 |
|||||||||||
Total Expenses |
23,079,016 |
8,159,485 |
55,042,037 |
18,889,986 |
|||||||||||
INCOME FROM OPERATIONS |
45,971,022 |
1,724,336 |
67,360,848 |
14,447,122 |
|||||||||||
OTHER INCOME (EXPENSE) |
|||||||||||||||
Interest Expense |
(182,499) |
(145,182) |
(425,687) |
(455,704) |
|||||||||||
Interest Income |
1,699 |
28,072 |
567,327 |
303,860 |
|||||||||||
Gain (Loss) on Available for Sale Securities |
- |
- |
215,092 |
(197,556) |
|||||||||||
Total Other Income (Expense) |
(180,800) |
(117,110) |
356,732 |
(349,400) |
|||||||||||
INCOME BEFORE INCOME TAXES |
45,790,222 |
1,607,226 |
67,717,580 |
14,097,722 |
|||||||||||
INCOME TAX PROVISION |
17,173,000 |
620,000 |
25,725,300 |
5,430,000 |
|||||||||||
NET INCOME |
$28,617,222 |
$ 987,226 |
$ 41,992,280 |
$ 8,667,722 |
|||||||||||
Net Income Per Common Share - Basic |
$ 0.46 |
$ 0.02 |
$ 0.68 |
$ 0.18 |
|||||||||||
Net Income Per Common Share - Diluted |
$ 0.46 |
$ 0.02 |
$ 0.68 |
$ 0.18 |
|||||||||||
Weighted Average Shares Outstanding – Basic |
61,919,641 |
51,519,732 |
61,708,537 |
48,544,749 |
|||||||||||
Weighted Average Shares Outstanding - Diluted |
62,265,502 |
52,145,181 |
62,114,115 |
49,127,706 |
|||||||||||
NORTHERN OIL AND GAS, INC. CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 (UNAUDITED) |
||||||||||
Nine Months Ended |
||||||||||
September 30, |
||||||||||
2011 |
2010 |
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||
Net Income |
$ 41,992,280 |
$ 8,667,722 |
||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by |
||||||||||
Operating Activities: |
||||||||||
Depletion of Oil and Gas Properties |
25,962,463 |
8,252,153 |
||||||||
Depreciation and Amortization |
214,205 |
111,197 |
||||||||
Amortization of Debt Issuance Costs |
286,969 |
366,729 |
||||||||
Accretion of Discount on Asset Retirement Obligations |
20,305 |
30,777 |
||||||||
Deferred Income Taxes |
25,723,000 |
5,430,000 |
||||||||
Net (Gain) Loss on Sale of Available for Sale Securities |
(215,092) |
197,556 |
||||||||
Unrealized (Gain) Loss on Derivative Instruments |
(26,675,003) |
3,189,194 |
||||||||
Amortization of Deferred Rent |
(13,931) |
(13,930) |
||||||||
Share - Based Compensation Expense |
5,552,245 |
2,730,779 |
||||||||
Changes in Working Capital and Other Items: |
||||||||||
Increase in Trade Receivables |
(22,527,820) |
(10,816,333) |
||||||||
Increase in Prepaid Expenses |
(111,797) |
(274,307) |
||||||||
Decrease (Increase) in Other Current Assets |
185,661 |
(102,534) |
||||||||
Increase in Accounts Payable |
(1,028,434) |
8,666,764 |
||||||||
Decrease (Increase) in Accrued Expenses |
20,815 |
(123,153) |
||||||||
Net Cash Provided By Operating Activities |
49,385,866 |
26,312,614 |
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||
Purchases of Other Equipment and Furniture |
(181,041) |
(1,956,087) |
||||||||
Increase in Prepaid Drilling Costs |
(14,790,456) |
(5,598,781) |
||||||||
Proceeds from Sale of Oil and Gas Properties |
5,027,162 |
237,877 |
||||||||
Purchase of Available for Sale Securities |
(18,381,690) |
- |
||||||||
Proceeds from Sale of Available for Sale Securities |
58,606,328 |
25,890,901 |
||||||||
Purchase of Oil and Gas Properties and Development Capital Expenditures |
(239,762,074) |
(92,812,276) |
||||||||
Net Cash Used For Investing Activities |
(209,481,771) |
(74,238,366) |
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||
Payments on Line of Credit |
- |
(834,492) |
||||||||
Advances on Revolving Credit Facility |
21,000,000 |
5,300,000 |
||||||||
Payments on Revolving Credit Facility |
(6,000,000) |
(5,300,000) |
||||||||
Repayment of Subordinated Notes |
- |
(100,000) |
||||||||
Debt Issuance Costs Paid |
(249,147) |
(386,179) |
||||||||
Proceeds from Exercise of Warrants |
1,500,000 |
- |
||||||||
Proceeds from Issuance of Common Stock - Net of Issuance Costs |
- |
82,500,000 |
||||||||
Net Cash Provided by Financing Activities |
16,250,853 |
81,179,329 |
||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(143,845,052) |
33,253,577 |
||||||||
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD |
152,110,701 |
6,233,372 |
||||||||
CASH AND CASH EQUIVALENTS – END OF PERIOD |
$ 8,265,649 |
$ 39,486,949 |
||||||||
Supplemental Disclosure of Cash Flow Information |
||||||||||
Cash Paid During the Period for Interest |
$ 17,965 |
$ 169,232 |
||||||||
Cash Paid During the Period for Income Taxes |
$ 2,300 |
$ - |
||||||||
Non-Cash Financing and Investing Activities: |
||||||||||
Purchase of Oil and Gas Properties through Issuance of Common Stock |
$ - |
$ 12,679,422 |
||||||||
Payment of Compensation through Issuance of Common Stock |
$ 17,391,413 |
$ 5,956,526 |
||||||||
Capitalized Asset Retirement Obligations |
$ 259,832 |
$ 151,009 |
||||||||
USE OF NON GAAP FINANCIAL MEASURES Northern Oil and Gas, Inc. Reconciliation of GAAP Net Income to Non-GAAP Net Income Excluding Unrealized Mark-to-Market Hedging Gains and Losses |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
September 30, |
September 30, |
|||||||||||||||
2011 |
2010 |
2011 |
2010 |
|||||||||||||
Net Income |
$ 28,617,222 |
$ 987,226 |
$ 41,992,280 |
$ 8,667,722 |
||||||||||||
Mark-to-Market of Derivative Instruments |
(27,105,400) |
6,449,577 |
(26,675,003) |
3,189,194 |
||||||||||||
Tax Impact |
10,339,000 |
(2,516,000) |
10,171,000 |
(1,244,000) |
||||||||||||
Net Income without Effect of Certain Items |
$ 11,850,822 |
$ 4,920,803 |
$ 25,488,277 |
$ 10,612,916 |
||||||||||||
Net Income Per Common Share - Basic |
$ 0.19 |
$ 0.10 |
$ 0.41 |
$ 0.22 |
||||||||||||
Net Income Per Common Share - Diluted |
$ 0.19 |
$ 0.09 |
$ 0.41 |
$ 0.22 |
||||||||||||
Weighted Average Shares Outstanding – Basic |
61,919,641 |
51,519,732 |
61,708,537 |
48,544,749 |
||||||||||||
Weighted Average Shares Outstanding - Diluted |
62,265,502 |
52,145,181 |
62,114,115 |
49,127,706 |
||||||||||||
Net Income Per Common Share - Basic |
$ 0.46 |
$ 0.02 |
$ 0.68 |
$ 0.18 |
||||||||||||
Change due to Mark-to-Market of Derivative Investments |
(0.44) |
0.13 |
(0.43) |
0.07 |
||||||||||||
Change due to Tax Impact |
0.17 |
(0.05) |
0.16 |
(0.03) |
||||||||||||
Net Income without Effect of Certain Items Per Common Share - Basic |
$ 0.19 |
$ 0.10 |
$ 0.41 |
$ 0.22 |
||||||||||||
Net Income Per Common Share - Diluted |
$ 0.46 |
$ 0.02 |
$ 0.68 |
$ 0.18 |
||||||||||||
(As Reported) |
||||||||||||||||
Change due to Mark-to-Market of Derivative Investments |
(0.44) |
0.12 |
(0.43) |
0.07 |
||||||||||||
Change due to Tax Impact |
0.17 |
(0.05) |
0.16 |
(0.03) |
||||||||||||
Net Income without Effect of Certain Items Per Common Share - Diluted |
$ 0.19 |
$ 0.09 |
$ 0.41 |
$ 0.22 |
||||||||||||
Northern Oil and Gas, Inc. Reconciliation of Adjusted EBITDA |
|||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||
September 30, |
September 30, |
||||||||||||
2011 |
2010 |
2011 |
2010 |
||||||||||
Net Income |
$ 28,617,222 |
$ 987,226 |
$ 41,992,280 |
$ 8,667,722 |
|||||||||
Add Back: |
|||||||||||||
Income Tax Provision |
17,173,000 |
620,000 |
25,725,300 |
5,430,000 |
|||||||||
Depreciation, Depletion, Amortization |
|||||||||||||
and Accretion |
10,832,762 |
3,846,037 |
26,196,973 |
8,394,127 |
|||||||||
Share Based Compensation |
2,188,900 |
724,410 |
5,552,245 |
2,730,779 |
|||||||||
Mark-to-Market Derivative Instruments |
(27,105,400) |
6,449,577 |
(26,675,003) |
3,189,194 |
|||||||||
Interest Expense |
182,499 |
145,182 |
425,687 |
455,704 |
|||||||||
Adjusted EBITDA |
$ 31,888,983 |
$ 12,772,432 |
$ 73,217,482 |
$ 28,867,526 |
|||||||||
Adjusted EBITDA Per Common Share - Basic |
$ 0.52 |
$ 0.25 |
$ 1.19 |
$ 0.59 |
|||||||||
Adjusted EBITDA Per Common Share - Diluted |
$ 0.51 |
$ 0.24 |
$ 1.18 |
$ 0.59 |
|||||||||
Weighted Average Shares Outstanding – Basic |
61,919,641 |
51,519,732 |
61,708,537 |
48,544,749 |
|||||||||
Weighted Average Shares Outstanding - Diluted |
62,265,502 |
52,145,181 |
62,114,115 |
49,127,706 |
|||||||||
Northern Oil and Gas, Inc. Reconciliation of Adjusted EBITDA Per Common Share - Basic |
|||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||
September 30, |
September 30, |
||||||||||||
2011 |
2010 |
2011 |
2010 |
||||||||||
Net Income Per Common Share - Basic |
$ 0.46 |
$ 0.02 |
$ 0.68 |
$ 0.18 |
|||||||||
(As Reported) |
|||||||||||||
Add Back: |
|||||||||||||
Income Tax Provision |
0.28 |
0.01 |
0.42 |
0.11 |
|||||||||
Depreciation, Depletion, Amortization, |
|||||||||||||
and Accretion |
0.18 |
0.08 |
0.42 |
0.17 |
|||||||||
Share Based Compensation |
0.04 |
0.01 |
0.09 |
0.06 |
|||||||||
Mark-to-Market Derivative Instruments |
(0.44) |
0.13 |
(0.43) |
0.06 |
|||||||||
Interest Expense |
0.00 |
0.00 |
0.01 |
0.01 |
|||||||||
Adjusted EBITDA Per Common Share - Basic |
$ 0.52 |
$ 0.25 |
$ 1.19 |
$ 0.59 |
|||||||||
(Adjusted for Non-GAAP Measurements) |
|||||||||||||
Northern Oil and Gas, Inc. Reconciliation of Adjusted EBITDA Per Common Share – Diluted |
|||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||
September 30, |
September 30, |
||||||||||||
2011 |
2010 |
2011 |
2010 |
||||||||||
Net Income Per Common Share - Diluted |
$ 0.46 |
$ 0.02 |
$ 0.68 |
$ 0.18 |
|||||||||
(As Reported) |
|||||||||||||
Add Back: |
|||||||||||||
Income Tax Provision |
0.28 |
0.01 |
0.41 |
0.11 |
|||||||||
Depreciation, Depletion, Amortization |
|||||||||||||
and Accretion |
0.17 |
0.08 |
0.42 |
0.17 |
|||||||||
Share Based Compensation |
0.04 |
0.01 |
0.09 |
0.06 |
|||||||||
Mark-to-Market Derivative Instruments |
(0.44) |
0.12 |
(0.43) |
0.06 |
|||||||||
Interest Expense |
0.00 |
0.00 |
0.01 |
0.01 |
|||||||||
Adjusted EBITDA Per Common Share - Diluted |
$ 0.51 |
$ 0.24 |
$ 1.18 |
$ 0.59 |
|||||||||
(Adjusted for Non-GAAP Measurements) |
|||||||||||||
SOURCE Northern Oil and Gas, Inc.
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