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Northern Oil and Gas, Inc. Announces Red River Discovery and Fifteen Bakken and Three Forks Completions

April 14, 2009

WAYZATA, Minn., April 14 /PRNewswire-FirstCall/ — Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) (“Northern Oil”) today announced the successful drilling and completion of a third Red River discovery in Sheridan County, Montana and fifteen additional completions in the North Dakota Bakken and Three Forks trend. The Bakken and Three Forks wells began producing at an average initial production rate of 692 barrels of oil per day. Northern Oil has drilled with a 100% success rate in the Bakken/Three Forks since inception. Northern Oil is currently participating in the drilling or completion of an additional 18 Bakken and Three Forks wells.

Michael Reger, Chief Executive Officer, commented, “We continue to add production and reserves in both our Red River program as well as our Bakken and Three Forks program. We continue to see service costs decline and look forward to the continued successful development of our substantial core Bakken position.”

RECENTLY COMPLETED WELLS

  • The Friedrich Trust 31 #1, located in Sheridan County, MT is a vertical well operated by Brigham Exploration and produced from the Red River formation at an initial production rate of 200 barrels of oil per day. Northern Oil holds a 23.5% working interest in the well.
  • The Jericho 1-5H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 753 barrels of oil per day. Northern Oil holds a 41.5% working interest in the well.
  • The Pet-Inc Federal 22-44HR, located in McKenzie County, ND is a horizontal re-entry well operated by St. Mary Land & Exploration and produced from the Bakken formation at an initial production rate of 466 barrels of oil per day. Northern Oil holds a 7.25% working interest in the well.
  • The Thorvald 1-35H, located in Dunn County, ND is a horizontal well operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 851 barrels of oil per day. Northern Oil holds a 6.75% working interest in the well.
  • The Bangen 41-27H, located in Mountrail County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 605 barrels of oil per day. Northern Oil holds a 5.75% working interest in the well.
  • The MOI 22-15H, located in Billings County, ND is a horizontal re-entry well operated by Whiting Oil and Gas and produced from the Three Forks formation at an initial production rate of 400 barrels of oil in a 19 hour period. Northern Oil holds a 2.5% working interest in the well.
  • The Gladys 1-9H, located in McKenzie County, ND is a horizontal well operated by Newfield Exploration and produced from the Bakken formation at an initial production rate of 1,052 barrels of oil per day. Northern Oil holds a 2.5% working interest in the well.
  • The Wisness 1-4H, located in McKenzie County, ND is a horizontal well operated by Newfield Exploration and produced from the Bakken formation at an initial production rate of 1026 barrels of oil per day. Northern Oil holds a 1.75% working interest in the well.
  • The Sig 21X-6, located in Burke County, ND is a horizontal well operated by XTO Energy and produced from the Bakken formation at an initial production rate of 132 barrels of oil per day. Northern Oil holds a 1.5% working interest in the well.
  • The Armstrong 1-24H, located in Billings County, ND is a horizontal well operated by Continental Resources and produced from the Bakken formation at an initial production rate of 385 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.
  • The Norton 24-12H, located in Dunn County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 581 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.
  • The Jodi Carlson 34-12H, located in Dunn County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 661 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.
  • The Fladeland 11-30H, located in Mountrail County, ND is a horizontal well operated by Fidelity Exploration and produced from the Bakken formation at an initial production rate of 1083 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.
  • The Shobe 24-20H, located in Mountrail County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 379 barrels of oil per day. Northern Oil holds a .75% working interest in the well.
  • The Jay Sandstrom 34-31H, located in Mountrail County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 796 barrels of oil per day. Northern Oil holds a .5% working interest in the well.
  • The Landblom 1-35H, located in Divide County, ND is a horizontal well operated by Continental Resources and produced from the Bakken formation at an initial production rate of 688 barrels of oil per day. Northern Oil holds a .5% working interest in the well.

Northern Oil is a working interest participant in an additional 18 wells currently drilling or completing in the North Dakota Bakken and Three Forks trend. The table below summarizes current drilling and completion activity in which Northern Oil is a working interest participant.

ADDITIONAL WELLS DRILLING AND COMPLETING

    OPERATOR     WELL           NOG   COUNTY    LOCATION STATUS    OBJECTIVE
                 NAME           WI

    EOG          SIDONIA       11.00% MOUNTRAIL 6-158N/  COMPLETING BAKKEN
    RESOURCES     1-06H                         90W

    EOG          AUSTIN         1.00% MOUNTRAIL 4-154N/  COMPLETING BAKKEN
    RESOURCES     3-4H                          90W

    EOG          PARSHALL       0.50% MOUNTRAIL 27-152N/ COMPLETING BAKKEN
    RESOURCES    12-27H                         90W

    EOG          BURKE 17-23H   3.50% MOUNTRAIL 23-155N/ COMPLETING BAKKEN
    RESOURCES                                   90W

    EOG          FERTILE 2-1H   0.50% MOUNTRAIL 1-151N/  DRILLING   BAKKEN
    RESOURCES                                   90W

    EOG          AUSTIN 23-32H  0.50% MOUNTRAIL 32-154N/ DRILLING   BAKKEN
    RESOURCES                                   90W

    EOG          COTTONWOOD     0.50% MOUNTRAIL 22-157N/ COMPLETING BAKKEN
    RESOURCES    1-22H                          92W

    HESS         RS-THOMPSON    2.53% MOUNTRAIL 1-155N/  COMPLETING BAKKEN
    CORPORATION  155-92-0112H                   92W

    HESS         RS-F. ARMOUR   3.00% MOUNTRAIL 12-156N/ COMPLETING BAKKEN
    CORPORATION  156-92-1213H                   92W

    HESS         EN-ENGET       2.50% MOUNTRAIL 10-158N/ COMPLETING BAKKEN
    CORPORATION  158-93-1009H                   93W

    WINDSOR      WOLF 1-4H     16.00% MOUNTRAIL 4-151N/  COMPLETING BAKKEN
     ENERGY                                     92W

    SLAWSON      BANDIT  1-29H 27.00% MOUNTRAIL 29-152N/ COMPLETING BAKKEN
    EXPLORATION                                 91W

    SLAWSON      NIGHTCRAWLER   5.00% MOUNTRAIL 17-152N/ COMPLETING BAKKEN
    EXPLORATION  1-17H                          91W

    SLAWSON      COLT 1-16H     1.50% MOUNTRAIL 16-157N/ DRILLING   BAKKEN
    EXPLORATION                                 90W

    MARATHON OIL KENT CARLSON   6.25% DUNN      36-144N/ DRILLING   BAKKEN
                 14-36H                         95W

    MARATHON OIL STROMMEN       2.50% DUNN      8-145N/  DRILLING   BAKKEN
                 14-36H                         94W

    MUREX        CHAD ALLEN     6.25% MOUNTRAIL 25-155N/ COMPLETING BAKKEN
    PETROLEUM    25-36H                         91W

    WHITING OIL  LACEY 11-12H   1.00% MOUNTRAIL 12-152N/ DRILLING   BAKKEN
    AND GAS                                     92W

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, specifically the Mountrail County, North Dakota area Bakken and Three Forks trend. 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.

This press release references working interest percentages that are the best estimates of the Company. Final working interest is not determined until a division order title opinion is completed and signed off by all participants.

INVESTOR RELATIONS CONTACT

WSR, Inc.: 772-219-752

SOURCE Northern Oil and Gas, Inc.


Source: newswire



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