Northern Oil and Gas, Inc. Announces July 31, 2011 Reserve Report and Provides Operations and Guidance Update

Sep 21, 2011, 06:50 ET from Northern Oil and Gas, Inc.

WAYZATA, Minn., Sept. 21, 2011 /PRNewswire/ --

  • 34.8 Million Barrels of Oil Equivalent Estimated Proven Reserves
  • Proved Reserves Increased 121% From December 31, 2010
  • Present Value Increased 195% From December 31, 2010

Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) ("Northern Oil") today announced completion of its interim reservoir engineering calculation estimating reserves as of July 31, 2011, and updates third quarter production guidance and recent completion and drilling activity.

RESERVES UPDATE

Summary of Oil and Gas Reserves as of July 31, 2011 Based on Average Prices over Twelve Months(1)

Natural Gas (cubic feet)

Crude Oil (Bbl)

Total (BOE)(3)

Pre-Tax PV10% Value(4)

Proved developed reserves

3,696,530

7,260,889

7,876,977

$287,194,125

Proved developed non-producing reserves

1,772,235

2,530,295

2,825,668

107,276,609

Proved undeveloped reserves

15,192,431

21,583,642

24,115,714

476,071,562

Total proved reserves

20,661,196

31,374,826

34,818,359

$870,542,296

Summary of Oil and Gas Reserves as of December 31, 2010 Based on Average Prices over Twelve Months(2)

Natural Gas (cubic feet)

Crude Oil (Bbl)

Total (BOE)(3)

Pre-Tax PV10% Value(4)

Proved developed reserves

2,698,401

4,857,272

5,307,006

$160,307,688

Proved developed non-producing reserves

815,026

983,474

1,119,312

30,829,818

Proved undeveloped reserves

6,936,538

8,152,953

9,309,043

104,374,016

Total proved reserves

10,449,965

13,993,699

15,735,361

$295,511,522

(1)

Crude oil and natural gas reserve quantities and related discounted future net cash flows as of July 31, 2011 are estimated assuming a constant realized price of $86.88 per barrel of crude oil and a constant realized price of $5.86 per Mcf of natural gas, each of which is based on an unweighted arithmetic average of the applicable first-day-of-the-month price for each month between August 1, 2010 and July 31, 2011.  All values presented were calculated by Ryder Scott.

(2)

Crude oil and natural gas reserve quantities and related discounted future net cash flows as of December 31, 2010 are estimated assuming a constant realized price of $70.46 per barrel of crude oil and a constant realized price of $5.04 per Mcf of natural gas, each of which is based on an unweighted arithmetic average of the applicable first-day-of-the-month price for each month between January 1, 2010 and December 31, 2010.  All values presented were calculated by Ryder Scott.

(3)

Barrels of Oil Equivalent ("BOE") are computed based on a conversion ratio of one BOE for each barrel of crude oil and one BOE for every 6,000 cubic feet (i.e., 6 Mcf) of natural gas.

(4)

Pre-tax PV10% value may be considered a non-GAAP financial measure as defined by the Securities and Exchange Commission and is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable standardized financial measure. Pre-tax PV10% value is computed on the same basis as the standardized measure of discounted future net cash flows but without deducting future income taxes. We believe pre-tax PV10% value is a useful measure for investors for evaluating the relative monetary significance of our crude oil and natural gas properties. We further believe investors may utilize pre-tax PV10% value as a basis for comparison of the relative size and value of our reserves to other companies because many factors that are unique to each individual company impact the amount of future income taxes to be paid. Our management uses this measure when assessing the potential return on investment related to our crude oil and natural gas properties and acquisitions. However, pre-tax PV10% value is not a substitute for the standardized measure of discounted future net cash flows. Our pre-tax PV10% value and the standardized measure of discounted future net cash flows do not purport to present the fair value of our crude oil and natural gas reserves.  The pre-tax PV10% values of our total proved reserves in the tables above differ from the tables reconciling our pre-tax PV10% value on the following page of this Current Report due to rounding differences in certain tables of Ryder Scott's reserve reports.

STANDARDIZED MEASURE RECONCILIATION

The following tables reconcile the pre-tax PV10% value of Northern Oil's oil and gas reserves to the standardized measure of discounted future net cash flows as of the dates of the Interim Reserve Report and the Annual Reserve Report, respectively.

As of July 31, 2011

Pre-tax Present Value of estimated future net revenues (Pre-tax PV10% Value)    

$870,542,296

Future income taxes, discounted at 10%

(276,314,205)

Standardized measure of discounted future net cash flows

$594,228,091

As of December 31, 2010

Pre-tax Present Value of estimated future net revenues (Pre-tax PV10% Value)    

$295,511,531

Future income taxes, discounted at 10%

(84,898,740)

Standardized measure of discounted future net cash flows

$210,612,791

Using SEC pricing parameters, Northern Oil's proved reserves were 34.8 million BOE as of July 31, 2011.  Reserves using SEC pricing parameters were calculated using constant realized net prices of $86.88 per barrel of crude oil and $5.86 per 1,000 cubic feet (Mcf) of natural gas.  The July 31, 2011 estimated proved reserves represent a 121% increase from the December 31, 2010 estimated proved reserves, which were 15.7 million BOE.  This increase in proved reserves equates to a 2,172% replacement of 2011 production through July 31, 2011.  

Approximately 31% of Northern Oil's proved reserves as of July 31, 2011 are categorized as either proved developed producing or proved developed non-producing, meaning behind pipe.  Approximately 69% are classified as proved undeveloped.  

Northern Oil's estimated future cash flows, discounted at an annual rate of 10% before giving effect to income taxes (commonly known as PV-10 value), for proved reserves at July 31, 2011 were $870.5 million, compared to $295.5 million at December 31, 2010, representing a 195% increase in PV-10 value during the period.

Northern Oil's 2010 year-end reservoir engineering calculations and July 31, 2011 reservoir engineering calculations were both prepared by Ryder Scott Company, L.P.

UPDATED GUIDANCE

Northern Oil currently expects production will increase approximately 30% to 40% in the third quarter of 2011 compared to the second quarter of 2011.  Northern Oil expects to provide fourth quarter guidance in connection with its third quarter earnings release.  

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

STATE

COUNTY

WI*

IP**

BIGHORN #1-6H

SINCLAIR

ND

DUNN

48.79%

1,218

MUSTANG #1-22H

SLAWSON

ND

MOUNTRAIL

39.56%

1,829

ALAMO #2-19-18H  

SLAWSON

ND

MOUNTRAIL

29.98%

1,287

PORCUPINE #1-19H

SINCLAIR

ND

DUNN

29.02%

1,531

DIAMONDBACK #2-21H  

SLAWSON

ND

MOUNTRAIL

25.23%

1,909

CYCLONE #1-21-16H

SLAWSON

ND

MCKENZIE

25.00%

1,440

ATHENA #1-36H

SLAWSON

ND

MOUNTRAIL

21.88%

945

CRUISER #2-16-9H

SLAWSON

ND

MOUNTRAIL

16.44%

1,115

MUSKRAT FEDERAL #2-28-33H

SLAWSON

ND

MOUNTRAIL

12.83%

1,194

HUNTER #1-8-17H

SLAWSON

ND

MOUNTRAIL

11.74%

1,668

SUBMARINER #1-23-24H

SLAWSON

ND

MOUNTRAIL

10.89%

1,194

*

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 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 crude oil production only, without taking into consideration any associated natural gas production. 

CURRENT DRILLING ACTIVITY

The following table illustrates 154 Gross (18.42 Net) Bakken or Three Forks wells drilling, awaiting completion or completing in which Northern Oil is participating with a working interest as of September 20, 2011.

WELL NAME

OPERATOR

STATE

COUNTY

WI

1

PROBE #1-19-30H

SLAWSON

ND

MOUNTRAIL

75.86%

2

KNUDSVIG #12-1-160-100H 1PB

BAYTEX

ND

DIVIDE

57.11%

3

HIGHLAND #2-9H  

SINCLAIR

ND

MOUNTRAIL

54.57%

4

ROSE #147-99-28-2H

CONOCO PHILLIPS

ND

MCKENZIE

50.00%

5

LORI #18-19H  

FIDELITY

ND

MOUNTRAIL

47.06%

6

BRAGG #32-29-160-98H 1NC

BAYTEX

ND

DIVIDE

43.18%

7

MUSTANG #2-22H  

SLAWSON

ND

MOUNTRAIL

39.56%

8

KANDIYOHI #1-19H

EOG RESOURCES

ND

BURKE

37.47%

9

CONDOR #1-36-25H

SLAWSON

ND

MCKENZIE

35.94%

10

CHARLIE SORENSON 17-8 #1-H

BRIGHAM

ND

MOUNTRAIL

33.58%

11

CHARLIE SORENSON 17-8 #2-H  

BRIGHAM

ND

MOUNTRAIL

33.58%

12

OLSON RANCH #1-21-16H

G3 OPERATING

MT

ROOSEVELT

33.00%

13

YUKON #12-1-163-98H

SAMSON RESOURCES

ND

DIVIDE

32.81%

14

HOLLAND #9-19H

NORTH PLAINS

ND

WILLIAMS

32.68%

15

DENALI #13-24-163-98H

SAMSON RESOURCES

ND

DIVIDE

32.45%

16

CROSBY CREEK #1-5H

SINCLAIR

ND

DUNN

29.63%

17

FRENCH #21-30H

WHITING

MT

ROOSEVELT

29.20%

18

BLUE JAY #32-29-163-95H

SAMSON RESOURCES

ND

DIVIDE

29.13%

19

AV-SCHWARTZ #163-93-1102H-1

HESS

ND

BURKE

29.08%

20

LARK #29-32-162-96H

SAMSON RESOURCES

ND

DIVIDE

28.62%

21

VAINVILLE #22-2623H

EOG RESOURCES

ND

BURKE

28.08%

22

STORK #20-17-162-96H

SAMSON RESOURCES

ND

DIVIDE

27.99%

23

PELICAN #26-35-162-96H

SAMSON RESOURCES

ND

DIVIDE

27.30%

24

ZI CLIFFSIDE #12-11H

WILLIAMS

ND

MCKENZIE

26.80%

25

FRANK #31-4-1H

GMX RESOURCES

ND

STARK

25.21%

26

CPEC RIDGEWAY #25-36-163N-101W

CRESCENT POINT

ND

DIVIDE

25.00%

27

STAMPEDE #2-36-25H  

SLAWSON

ND

WILLIAMS

25.00%

28

FREDDY #1-8H

CONTINENTAL

ND

DIVIDE

24.97%

29

STALLION #2-1-12H  

SLAWSON

ND

MOUNTRAIL

22.41%

30

MARAUDER #13-24-162-98H

SAMSON RESOURCES

ND

DIVIDE

21.30%

31

REGEL #12-1-162-98H

SAMSON RESOURCES

ND

DIVIDE

21.30%

32

NEPTUNE #2-15H  

SLAWSON

ND

MOUNTRAIL

20.35%

33

OBENOUR #150-99-21-16-1H

NEWFIELD

ND

MCKENZIE

18.75%

34

REGETH #22-1H

HESS

ND

DUNN

18.75%

35

EN-LONETREE FARMS #156-94-0805H-2  

HESS

ND

MOUNTRAIL

18.71%

36

CRESCENT FARMS 7-6 #1H

ZAVANNA

ND

MCKENZIE

17.88%

37

HARLAN REBSOM #1-2-11H-143-95

OXY

ND

DUNN

17.81%

38

TARPON FEDERAL #21-4H

WHITING

ND

MCKENZIE

17.44%

39

SKEDSVOLD #150-101-4B-9-1H

PETRO HUNT

ND

MCKENZIE

17.19%

40

LYNN #5502 11-10H

OASIS

ND

WILLIAMS

15.68%

41

SIDONIA #41-2017H  

EOG RESOURCES

ND

MOUNTRAIL

15.63%

42

STATE JAEGER #1-16-21H-142-94

OXY

ND

DUNN

15.63%

43

EN-KIESEL #155-94-1918H-2

HESS

ND

MOUNTRAIL

15.03%

44

GO-SOLBERG #15-31H

HESS

ND

WILLIAMS

14.76%

45

RHODA #24-31H  

MARATHON

ND

MOUNTRAIL

12.82%

46

HILLY 22-15 #1H

BRIGHAM

ND

MCKENZIE

12.66%

47

EN-PERSON 156-94-1102H-2  

HESS

ND

MOUNTRAIL

12.55%

48

EN-PERSON 156-94-1102H-3  

HESS

ND

MOUNTRAIL

12.55%

49

LOSTWOOD #1-1201H  

EOG RESOURCES

ND

MOUNTRAIL

12.52%

50

LOSTWOOD #18-1224H

EOG RESOURCES

ND

MOUNTRAIL

12.52%

51

LOSTWOOD #19-1324H  

EOG RESOURCES

ND

MOUNTRAIL

12.52%

52

LOSTWOOD #2-1301H  

EOG RESOURCES

ND

MOUNTRAIL

12.52%

53

MATTER STATE #3-17H

CORNERSTONE

ND

BURKE

12.50%

54

BARKLEY #1-5H

CONTINENTAL

ND

MCKENZIE

12.32%

55

MOE #19-18-162-100H 1PB

BAYTEX

ND

DIVIDE

12.24%

56

FERTILE #28-26H

EOG RESOURCES

ND

MOUNTRAIL

11.88%

57

EN-WANDER #156-94-0904H-1

HESS

ND

MOUNTRAIL

11.84%

58

HUNTER #2-8-17  

SLAWSON

ND

MOUNTRAIL

11.74%

59

MUSTANG #7-6-163-98H

SAMSON RESOURCES

ND

DIVIDE

11.72%

60

LOSTWOOD #102-3526H  

EOG RESOURCES

ND

MOUNTRAIL

11.52%

61

LOSTWOOD #16-3526H

EOG RESOURCES

ND

MOUNTRAIL

11.52%

62

LOSTWOOD #20-1123H  

EOG RESOURCES

ND

MOUNTRAIL

11.51%

63

LOSTWOOD #21-1402H  

EOG RESOURCES

ND

MOUNTRAIL

11.51%

64

LOSTWOOD #22-1423H

EOG RESOURCES

ND

MOUNTRAIL

11.51%

65

LOSTWOOD #23-3526H

EOG RESOURCES

ND

MOUNTRAIL

11.51%

66

LOSTWOOD #6-1102H  

EOG RESOURCES

ND

MOUNTRAIL

11.51%

67

LANCASTER #2-11-162N-102W

CRESCENT POINT

ND

DIVIDE

11.10%

68

GABRIEL #3-36-25H

SLAWSON

ND

MCKENZIE

10.94%

69

GORDON PAVLICEK #1-17-20H 141-95

OXY

ND

DUNN

10.94%

70

SIDONIA #9-35H

EOG RESOURCES

ND

MOUNTRAIL

10.78%

71

CLEARWATER #25-3202H

EOG RESOURCES

ND

MOUNTRAIL

10.29%

72

BROWN 30-19 #2H  

BRIGHAM

ND

MOUNTRAIL

9.25%

73

WHITE #157-100-17B-20-1H

PETRO HUNT

ND

WILLIAMS

7.55%

74

1-H OSMOND #3-10

NEWFIELD

ND

WILLIAMS

7.51%

75

WALDOCK #21-16H

MARATHON

ND

MCLEAN

7.05%

76

ROSENVOLD #1-30H

CONTINENTAL

ND

DIVIDE

6.44%

77

KANDIYOHI #5-3031H

EOG RESOURCES

ND

BURKE

6.36%

78

SQUADRON #1-15-14H

SLAWSON

MT

ROOSEVELT

6.30%

79

BUCKLEY #1-9H

CONTINENTAL

MT

RICHLAND

6.25%

80

EN-JOHNSON -A 155-94-2932H-2

HESS

ND

MOUNTRAIL

6.25%

81

KANDIYOHI #21-3427H

EOG RESOURCES

ND

BURKE

6.25%

82

GO-ALASKON-156-97-3427H-1

HESS

ND

WILLIAMS

5.94%

83

1-H HUNTER #17-20

NEWFIELD

ND

WILLIAMS

5.55%

84

SIDONIA #26-2413H  

EOG RESOURCES

ND

MOUNTRAIL

5.55%

85

DAGGER #1-10H

SLAWSON

ND

DUNN

5.30%

86

RUTLEDGE #1-32H

CONTINENTAL

ND

DUNN

4.97%

87

BUFFALO 34-12H

MARATHON

ND

DUNN

4.91%

88

BRUCE  5-8 #1H

ZAVANNA

ND

WILLIAMS

4.69%

89

RAY #12-27TFH

WHITING

ND

MOUNTRAIL

4.69%

90

SORENSON #34-32 NWH

DENBURY

ND

MCKENZIE

4.69%

91

EN-CHARLES WOOD 157-94-1720H-1

HESS

ND

MOUNTRAIL

4.61%

92

HOWITZER #2-25  

SLAWSON

ND

MOUNTRAIL

4.50%

93

HONOLULU #1-22H

CONTINENTAL

ND

MCKENZIE

4.22%

94

OXY OLSON #160-90-10-P-1H

OXY

ND

BURKE

4.17%

95

AMBUSH #1-31-30H

SLAWSON

ND

WILLIAMS

3.96%

96

REIGER #9-11H

NORTH PLAINS

ND

WILLIAMS

3.91%

97

EN-JOHNSON #155-94-2017H-2

HESS

ND

MOUNTRAIL

3.91%

98

JOHNSON 44-32H  

MARATHON

ND

MOUNTRAIL

3.87%

99

WALLACE #7-1H

HESS

ND

DUNN

3.76%

100

WANNEMACHER #1-4-9H-142-95

OXY

ND

DUNN

3.14%

101

WILLIAM 41X-06

XTO ENERGY

ND

MCKENZIE

3.14%

102

FREDRICKSON #160-94-33C-28-2H  

PETRO HUNT

ND

BURKE

3.13%

103

GO-SOINE A-156-97-3229H-1

HESS

ND

WILLIAMS

3.13%

104

KOUFAX 3-10 #1H

ZAVANNA

ND

MCKENZIE

3.13%

105

SYVERSON #150-99-36-25-1H

NEWFIELD

ND

MCKENZIE

3.13%

106

NELSON #2-26H  

SINCLAIR

ND

MOUNTRAIL

3.11%

107

GLENDON #1-17H

CONTINENTAL

ND

WILLIAMS

3.05%

108

MARVIN 27-34 #1H

BRIGHAM

ND

MCKENZIE

2.86%

109

ROHDE #43-1TFH  

WHITING

ND

MOUNTRAIL

2.57%

110

VERLYN STROMMEN #34-8H  

MARATHON

ND

DUNN

2.50%

111

EN-NORSTEDT 157-93-1720H-1

HESS

ND

MOUNTRAIL

2.50%

112

HELLING TRUST #11-15H

OASIS

ND

MOUNTRAIL

2.41%

113

ROLFSON #11-16H

DENBURY

ND

MCKENZIE

2.08%

114

CLEAR WATER #1-24-25H

HUNT OIL

ND

MOUNTRAIL

2.08%

115

EN-HYNEK#155-93-0112H-2  

HESS

ND

MOUNTRAIL

1.82%

116

EN-HYNEK#155-93-0112H-3  

HESS

ND

MOUNTRAIL

1.82%

117

COOK #2-24-13H  

HUNT OIL

ND

DUNN

1.70%

118

CHARLOTTE #2-22H  

CONTINENTAL

ND

MCKENZIE

1.68%

119

BARSTAD 23-14 #1H

BRIGHAM

ND

MOUNTRAIL

1.65%

120

DRONE #1-34-27H

SLAWSON

ND

DUNN

1.59%

121

ELEANOR TWIST 1-10-3H-143-95

OXY

ND

DUNN

1.57%

122

TILTON #34-7H

CONOCO PHILLIPS

ND

DUNN

1.53%

123

SCHILKE #1-30H

CONTINENTAL

ND

DIVIDE

1.51%

124

THIEL 2 11X-12  

XTO ENERGY

MT

RICHLAND

1.47%

125

LOOMER #24-34 NEH

DENBURY

ND

MCKENZIE

1.41%

126

EN-CVANCARA A-155-93-3231H-1

HESS

ND

MOUNTRAIL

1.39%

127

EN-CVANCARA A-155-93-3334H-2

HESS

ND

MOUNTRAIL

1.39%

128

CROSSBOW #1-7-6H

SLAWSON

ND

MCKENZIE

1.30%

129

HOVDEN #15-1H

HESS

ND

DUNN

1.30%

130

KIRBY #9-7H

NORTH PLAINS

ND

WILLIAMS

1.27%

131

BRUENI #21-16TFH

WHITING

ND

STARK

1.25%

132

JAMES HILL #10-0112H  

EOG RESOURCES

ND

MOUNTRAIL

1.25%

133

EN-FRETHEIM A-155-93-3334H-2  

HESS

ND

MOUNTRAIL

1.19%

134

EN-FRETHEIM A-155-93-3334H-1

HESS

ND

MOUNTRAIL

1.18%

135

RAYMOND 21X-5

XTO ENERGY

ND

WILLIAMS

1.16%

136

AMY ELIZABETH #11-2H

ARSENAL ENERGY

ND

MOUNTRAIL

1.13%

137

DAWSON #5494 13-1H

OASIS

ND

MOUNTRAIL

1.13%

138

CLEARWATER #4-11H

EOG RESOURCES

ND

MOUNTRAIL

1.04%

139

LEWIS #5300 31-31H

OASIS

ND

WILLIAMS

1.02%

140

SPRATLEY #5494 34-13H

OASIS

ND

MOUNTRAIL

0.98%

141

EN-FRETHEIM A-155-93-3334H-3  

HESS

ND

MOUNTRAIL

0.96%

142

WISNESS #152-96-28A-33-1H

PETRO HUNT

ND

MCKENZIE

0.82%

143

CATRON #1-26H

CONTINENTAL

ND

DUNN

0.78%

144

SOLBERG #15-8H

HESS

ND

WILLIAMS

0.78%

145

CARL #1-11H

CONTINENTAL

ND

DUNN

0.66%

146

TIM ECKELBERG #44-22H  

MARATHON

ND

DUNN

0.61%

147

MARTENS #2-5H  

SINCLAIR

ND

MOUNTRAIL

0.56%

148

CANNONBALL FEDERAL #2-27-34H  

SLAWSON

ND

MOUNTRAIL

0.55%

149

CANNONBALL FEDERAL #3-27-34H  

SLAWSON

ND

MOUNTRAIL

0.55%

150

BRAY #5301 43-12H

OASIS

ND

MCKENZIE

0.52%

151

BELL #14-1H

HESS

ND

MCKENZIE

0.52%

152

EN-REITCH #157-94-3229H-3  

HESS

ND

MOUNTRAIL

0.52%

153

MORAN #15-1H

HESS

ND

MCKENZIE

0.51%

154

REDWING #1-3-10H

HUNT OIL

ND

MCKENZIE

0.50%

Michael Reger, Chief Executive Officer, commented, "We are encouraged by the pace of drilling and completion activity during the third quarter of 2011, as weather improved in the Williston Basin during the third quarter compared to the second quarter of 2011.  The record rig count in North Dakota allows us to continue executing our business plan by turning high quality acreage into production and cash flow at an accelerating pace.  The drilling activity detailed above represents the expansion of the delineated area of high-quality Three Forks production, the extension of the field into Montana and the continued success of Slawson's drilling program in Mountrail County.  We continue to execute 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.

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 communities in which our Company conducts business, 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, 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.



RELATED LINKS

http://www.NorthernOil.com