WAYZATA, Minn., Nov. 3, 2011 /PRNewswire/ -- Northern Oil and Gas, Inc. (AMEX: NOG) today announced its participation in the Tarpon Federal 21-4H Bakken well in McKenzie County, North Dakota. The Tarpon Federal 21-4H is a Whiting Petroleum operated well and had a 24-hour initial production (IP) rate of 7,009 barrels of oil equivalent (BOE), setting a new Williston Basin record for a Bakken well. The Tarpon Federal produced 4,815 barrels of oil and 13,163 Mcf of natural gas on October 17, 2011 after being fracture stimulated with 30 stages. It is expected that the completed well cost will approximate $6.35 million. Northern Oil has approximately 17.4% working interest and a 14% net revenue interest in the Tarpon Federal.
Michael Reger, Chief Executive Officer, commented, "We wish to congratulate Whiting on this discovery. We continue to be impressed by the innovation of our operating partners in this premier resource play and we remain focused on our strategy of acquiring high quality, non-operated acreage and turning it efficiently to production and cash flow."
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.
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
SOURCE Northern Oil and Gas, Inc.