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NewsBot Date: May 1, 2008 11:49:37 PM
Northern Oil and Gas, Inc. Announces Early Exercise of Outstanding Warrants
WAYZATA, Minn., April 28 /PRNewswire-FirstCall/ -- Northern Oil and Gas,
Inc. (Amex: NOG) ('Northern Oil') announced today that it has received
additional equity capital of approximately $9.8 million from the early
exercise of outstanding warrants previously issued in connection with its
September 2007 institutional private placement. A majority of the holders of
Northern Oil's outstanding $5.00 per share warrants recently exercised their
warrants in exchange for a $0.25 reduction in the warrants' exercise price.
FIG Partners, LLC Energy Research and Capital Group acted as agent on
Northern Oil's behalf in facilitating the exercise of the warrants.
'We are very excited about the confidence our investors have shown in
Northern Oil by exercising their warrants nearly one year prior to their
expiration,' commented Michael Reger, Chief Executive Officer of Northern Oil.
'The capital received from the exercise of those warrants combined with our
recent $8.1 million land bank arrangement provides us the liquidity and
resources necessary to continue to grow our acreage position in Mountrail
County and fund the drilling and development activities already underway on
our current acreage. We believe our current cash position and increasing cash
flows will enable Northern Oil to successfully meet all of our drilling
objectives for the foreseeable future.'
Northern Oil has participated in six successful well completions to-date
and expects to participate in over 40 gross wells currently permitted in the
North Dakota Bakken trend of the Williston Basin in the coming months.
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 32,000 net mineral acres. Northern Oil's
secondary objective is conventional, 3D driven, oil and gas exploration and
development throughout the Rocky Mountain region.
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.
