Northern Oil and Gas Inc. announced today that it has priced its previously announced underwritten public offering of 12,500,000 shares of its common stock at a price to the public of $9.75 per share . The Company has granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of its common stock. The Offering is expected to close on February 9, 2021, subject to the satisfaction of customary [...]
Northern Oil and Gas Inc. today announced that it has commenced a cash tender offer for any and all of its outstanding 8.50% Senior Secured Second Lien Notes due 2023 , upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of February 3, 2021 . The Offer will expire at 11:59 p.m., New York City time, on March 3, 2021, unless extended or earlier terminated . Holders [...]
Northern Oil and Gas Inc. today announced that it intends to offer for sale in a private placement under Rule 144A and Regulation S of the Securities Exchange Act of 1933, as amended , to eligible purchasers, $500.0 million in aggregate principal amount of new senior notes due 2028 . The Company intends to use the net proceeds from the Offering to fund a portion of the cash purchase price for the Company's recently [...]
Northern Oil and Gas Inc. announced today that it has commenced an underwritten public offering of 12,500,000 shares of its common stock . The Company intends to grant the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of its common stock. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the [...]
Northern Oil and Gas Inc. today announced that it has entered into a definitive agreement to acquire certain non-operated assets in the Appalachian Basin from the Seller. The Seller is a subsidiary of Reliance Industries, Ltd. At the effective date of July 1, 2020, the Assets were producing approximately 120 MMcfe/d of natural gas equivalents, net to Northern's ownership. In 2021E, the Assets are expected to produce [...]
Northern Oil and Gas Inc. today announced a business and operations update. OPERATIONS UPDATE Northern has seen steady and continued improvement in operations throughout the fourth quarter of 2020. Operators have continued to return shut-in and curtailed production to sales at a steady rate. Northern has also seen increased development and completion activity due in part to improved pricing. Northern’s wells in process [...]
Northern Oil and Gas Inc. today reported that Bahram Akradi, the Non-Executive Chairman of Northern’s Board of Directors, has sold 260,000 shares of Northern common stock. The sale has also been disclosed on a Form 4 filing made with the Securities and Exchange Commission. Mr. Akradi advised the Company that his decision to sell was required for tax purposes and generated almost $10 million in tax loss, and that he does [...]
Northern Oil and Gas Inc. today announced the company’s third quarter results. MANAGEMENT COMMENTS “Northern’s business model continues to deliver on its 2020 plan,” commented Nick O’Grady, Northern’s Chief Executive Officer. “Costs were down, production was up and we generated meaningful free cash flow while continuing to strategically bolt on high return assets. As of November 6, 2020, our debt is already down $160 [...]
Northern Oil and Gas Inc. today announced that the borrowing base under its reserves-based revolving credit facility has been reaffirmed at $660.0 million. The 14 lender syndicate unanimously reaffirmed this amount, effective as of November 2, 2020. No changes were made to the terms of the credit facility, and Northern is in full compliance with all covenants. Northern anticipates ample cash on hand and liquidity to [...]
Northern Oil and Gas Inc. announced today that it plans to issue its earnings release with respect to third quarter 2020 financial and operating results on Friday, November 6, 2020, before market opens. Additionally, the Company will host a conference call on Friday, November 6, 2020 at 9:00 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 [...]
Northern Oil and Gas Inc. today announced the completion of its reverse stock split and other business updates. REVERSE STOCK SPLIT Northern completed the previously announced 1-for-10 reverse split of its common stock. This process has been designed to reduce costs for ownership, improve Northern’s ability to participate in broad market indices, and to better represent its financial health to prospective and existing [...]
Northern Oil and Gas Inc. today announced an acquisition in the Delaware Basin and other business updates. DELAWARE BASIN ACQUISITION Northern has acquired non-operated interests in the Delaware Basin from an undisclosed seller consisting of approximately 66 net acres, on which 1.1 initial net wells have been proposed. The proposed wells are expected to be spud in late 2020 and/or early 2021 and turned in line beginning [...]
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