WAYZATA, Minn., June 17 /PRNewswire-FirstCall/ -- Northern Oil and Gas,
Inc. (Amex: NOG) ("Northern Oil") announced today that it has entered into an
agreement to purchase certain oil and gas leases covering approximately 24,000
net acres in Dunn County, North Dakota. With the addition of the Dunn County
leasehold, Northern now holds approximately 60,000 net acres in the growing
North Dakota Bakken trend.
"This acquisition materially increases our exposure to the North Dakota
Bakken play," said Michael Reger, Chief Executive of Northern Oil. "After
beginning in Mountrail County, North Dakota, leading exploration companies
continue to have significant Bakken exploration success to both the North and
South.
"Exploration success in Dunn County is plentiful and Northern's newly
acquired acreage appears to be in the fairway of that success, expanding our
exposure into the Southern region of the play," Reger added. "Our focus on
strategic land acquisitions continues to provide opportunities to expand our
leasehold interests. We plan to continue to acquire prospective acreage in the
expanding Bakken resource play and develop our leasehold interests with our
drilling partners in the region. The speed of development continues to
accelerate in the Bakken and we expect to increase our production
significantly throughout 2008 and beyond."
A map of the acquired acreage can be found at www.NorthernOil.com.
About Northern Oil and Gas, Inc.:
Northern Oil and Gas, Inc. is an exploration and production company based
in Wayzata, Minnesota. Our core area of focus is the Williston Basin,
specifically the Mountrail County, North Dakota area Bakken Play where the
company controls approximately 60,000 net mineral acres. Northern Oil's
secondary objective is conventional, 3D driven, oil and gas exploration and
development throughout the Rocky Mountain region.
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:
Michael Reger
CEO
Ryan Gilbertson
CFO
Phone: 952-476-9800
Fax: 952-476-9801
www.NorthernOil.com
SOURCE Northern Oil and Gas, Inc.
Released June 17, 2008