Northern O & G Stock Price, News & Analysis

Northern Oil and Gas, Inc. (NYSE American: NOG) has launched a public offering of 10 million shares of common stock, including 9.5 million shares from the Company and 500,000 from Selling Stockholders. Underwriters may purchase an additional 1.5 million shares. The proceeds will primarily fund the acquisition of non-operated assets in the Permian Basin from Veritas Energy, with any excess proceeds potentially used for debt repayment. The Offering's completion is not tied to the acquisition.

Northern Oil and Gas has announced an agreement to acquire non-operated properties in the Permian Basin from affiliates of Veritas Energy for $406.5 million in cash and approximately 1.9 million equity warrants. The assets are expected to produce about 11,500 Boe per day, with a projected cash flow of $185 million over the next year. Following the acquisition, Northern plans to request a 50% dividend increase to $0.12 per share. This acquisition is expected to enhance overall cash returns and significantly boost production levels.

Northern Oil and Gas, Inc. (AMEX: NOG) has declared a cash dividend of $0.08 per share, marking a 78% increase from the previous dividend of $0.06. This dividend will be paid on January 31, 2022, to stockholders recorded by December 30, 2021. The decision reflects the company’s improved free cash flow profile and robust balance sheet, as stated by CFO Chad Allen.

Northern Oil and Gas, Inc. (AMEX: NOG) has priced a private placement of $200 million in additional 8.125% senior notes due 2028, offered at 106.75% of par, yielding 6.31%. This issuance will close on November 15, 2021, subject to customary conditions. Proceeds will be used to reduce borrowings under its revolving credit facility. The notes are exempt from registration under the Securities Act and offered only to qualified institutional buyers and non-U.S. persons. This offering aims to strengthen the company’s financial position and manage debt responsibly.

Northern Oil and Gas, Inc. (AMEX: NOG) announced a private placement offering of additional 8.125% senior notes due 2028, amounting to $200 million. The funds will be used to repay part of its revolving credit facility. These notes will not be registered and are offered only to qualified institutional buyers and non-U.S. persons. The offering aims to strengthen the company's financial position by reducing debt. This move follows previous notes issued on February 18, 2021.

Northern Oil and Gas reported a significant increase in third-quarter production and financial metrics. Total production reached 57,647 Boe per day, up 98% year-over-year, with oil production at 34,035 Bbl per day, a 52% increase. GAAP cash flow from operations was $94.4 million, while adjusted net income rose to $64.1 million, up from $27.5 million in Q3 2020. The company announced a $154 million acquisition in the Williston Basin, aiming to enhance shareholder value. Updated guidance indicates increased annual production and reduced capital expenditures.

Northern Oil and Gas, Inc. (AMEX: NOG) announced an increase in its borrowing base under its reserves-based revolving credit facility from $725 million to $850 million. The elected commitment amount also rose from $660 million to $750 million, with unanimous approval from a 14-lender syndicate effective November 3, 2021. Notably, this increase does not include any reserve value from the forthcoming Williston Basin acquisition, showcasing the strength of the company's reserves base.

Northern Oil and Gas, Inc. (NYSE American: NOG) announced it will release its third quarter 2021 financial results on November 5, 2021, before the market opens. A conference call is scheduled for the same day at 10:00 a.m. Central Time. Participants can join via phone or the company’s webcast. Replay will be available until November 12, 2021. The company focuses on investing in non-operated minority working and mineral interests in U.S. oil and gas properties.

Northern Oil and Gas, Inc. has announced a definitive agreement to acquire non-operated interests across over 400 wellbores in the Williston Basin for $154 million. This acquisition is anticipated to yield production of over 4,500 Boe per day, primarily oil, with a first-year decline expected at 18%. Northern projects unhedged cash flow of approximately $60 million and expects the deal to be accretive to valuation metrics. A proposed 33.3% dividend increase to $0.06 per share is also planned upon closing.