Equus Subsidiary, Morgan E&P, Engages Michael Reger to Lead Operations in the Williston Basin

Rhea-AI Summary

Equus Total Return (NYSE:EQS) announced that its subsidiary Morgan E&P has secured a strategic consulting agreement with Michael Reger and Reger Oil, LLC. Reger, who will receive Equus shares as compensation, will spearhead Morgan's asset strategy in the Bakken and Three Forks formations across North Dakota and Montana.

Reger brings significant expertise as the founder and former CEO of Northern Oil and Gas, where he led a $650 million recapitalization and orchestrated $850 million in acquisitions. His appointment aims to optimize value and develop long-term potential in the Williston Basin, leveraging his third-generation experience as a Williston Basin Landman.

Positive

• Strategic acquisition of expertise through Michael Reger, a proven industry veteran
• Equity-based compensation structure aligns consultant's interests with shareholders
• Expansion into prolific Bakken and Three Forks formations with significant potential
• Access to Reger's extensive network and proven track record in major transactions

Negative

• Potential share dilution from equity-based compensation structure

HOUSTON, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Equus Total Return, Inc. (NYSE: EQS) ("Equus") today announced that its wholly-owned subsidiary Morgan E&P, LLC ("Morgan"), has entered into a consulting agreement with Michael Reger and Reger Oil, LLC, a leading energy consultancy. Mr. Reger has elected to receive Equus shares in lieu of cash compensation.

Pursuant to the agreement, Mr. Reger will lead Morgan’s asset strategy across the prolific Bakken and Three Forks formations in North Dakota and Montana, targeting value optimization and long-term development potential.

“We are pleased to have Mike join us at this pivotal time for energy markets,” said John Hardy, CEO of Morgan. “He has a deep-rooted knowledge of the Williston Basin Bakken and Three Forks plays. This, combined with his extensive network and a proven ability to identify and maximize upstream opportunities, makes him an invaluable strategic partner.”

Mr. Reger will work closely with the Morgan executive team to assess, structure, and implement new oil and gas investment initiatives, leveraging proprietary industry insights and a disciplined asset development framework.

In 2006 Mr. Reger founded Northern Oil and Gas, Inc. (“Northern”) and served as the Company’s CEO and Chairman until August 2016. Mr. Reger returned to Northern as Chairman Emeritus in 2017 and was named Advisor to the Board in January 2018. Mr. Reger was instrumental in a $650 million recapitalization of Northern and $850 million of new acquisitions, following which he was named CEO in May 2018. Mr. Reger retired from Northern in late 2019.

Mr. Reger is a third generation Williston Basin Landman from Billings, Montana. Mr. Reger holds a Bachelor of Arts in Finance and an MBA in Management from the University of St. Thomas in St. Paul, Minnesota.

About Reger Oil, LLC

Reger Oil, LLC (www.regeroil.com) is an independent exploration and development company focused on acquiring, developing and managing oil and gas assets in the Williston Basin of North Dakota and Montana.

About Morgan E&P, LLC

Morgan E&P, LLC (www.morganep.com) is an upstream exploration and production company focused on the development of oil and gas assets throughout North America. Morgan is a wholly-owned subsidiary of Equus.

About Equus

Equus Total Return, Inc. is a business development company that trades as a closed-end fund on the New York Stock Exchange under the symbol "EQS". Additional information on the Company may be obtained from the Company's website at www.equuscap.com.

Forward-Looking Statements

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon Equus’ current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in Equus’ filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Equus undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by Equus or any other person that the events or circumstances described in such statements are material.

Contact:

Equus Total Return, Inc.
1-888-323-4533

 

FAQ

Who is Michael Reger and what role will he play at Equus (NYSE:EQS)?

Michael Reger will lead Morgan E&P's asset strategy in the Bakken and Three Forks formations, bringing expertise as the former founder and CEO of Northern Oil and Gas. He will receive Equus shares as compensation.

What experience does Michael Reger bring to Equus (NYSE:EQS)?

Reger is a third-generation Williston Basin Landman who founded Northern Oil and Gas, led a $650 million recapitalization, executed $850 million in acquisitions, and served as CEO until 2019.

What regions will Michael Reger focus on for Equus (NYSE:EQS)?

Reger will focus on the Bakken and Three Forks formations in North Dakota and Montana, within the Williston Basin region.

How will Michael Reger be compensated by Equus (NYSE:EQS)?

Reger has elected to receive Equus shares in lieu of cash compensation, aligning his interests with shareholders.

What are the main objectives of Michael Reger's role at Equus (NYSE:EQS)?

Reger will assess, structure, and implement new oil and gas investment initiatives, focusing on value optimization and long-term development potential in the Williston Basin.