Northern Oil and Gas, Inc. Announces Ten Bakken and Three Forks Discoveries; Provides Operations Update

Northern Oil and Gas, Inc. (Amex: NOG) ("Northern Oil") today announced the successful drilling and completion of an additional ten oil producing wells in the North Dakota Bakken and Three Forks trend. The ten wells began producing at an average initial production rate of 825 barrels of oil per day.

Northern Oil is currently participating in the drilling or completion of an additional 21 Bakken and Three Forks wells. In addition, Northern Oil's acreage has been included in over 200 permitted or docketed-for-permit drilling locations in North Dakota.

Michael Reger, Chief Executive Officer, commented, "We continue to add production and reserves at an accelerating pace and we expect to meet or exceed previously announced 2008 exit rate production guidance. We also continue to see higher initial production rates in our wells and are starting to see lower drilling and completion costs."

RECENTLY COMPLETED WELLS

-- The Peacemaker 1-8H well, located in Mountrail County, ND is operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 1190 barrels of oil per day. Northern Oil holds a 15% working interest in the well.

-- The Austin 19-30H well, located in Mountrail County, ND is operated by EOG Resources and produced from the Bakken formation at an initial production rate of 2,450 barrels of oil per day. Northern Oil holds a 5% working interest in the well.

-- The Clearwater 1-2H well, located in Mountrail County, ND is operated by EOG Resources and produced from the Bakken formation at an initial production rate of 800 barrels of oil per day. Northern Oil holds a 4% working interest in the well.

-- The Mark Sandstrom 14-32H well, located in Mountrail County, ND is operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 850 barrels of oil per day. Northern Oil holds a 5% working interest in the well.

-- The Skachenko 1-31H well, located in Dunn County, ND is operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 870 barrels of oil per day. Northern Oil holds a 6.25% working interest in the well.

-- The Elveida 1-33H well, located in Divide County, ND is operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 300 barrels of oil per day. Northern Oil holds a 10% working interest in the well.

-- The Arvid 1-35H well, located in Divide County, ND is operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 360 barrels of oil per day. Northern Oil holds a 5% working interest in the well.

-- The EN-Hynek 155-93-0112H well, located in Mountrail County, ND is operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 675 barrels of oil per day. Northern Oil holds a 3% working interest in the well.

-- The BL-Blanchard 155-96-1522H well, located in Williams County, ND is operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 675 barrels of oil per day. Northern Oil holds a 2.5% working interest in the well.

-- The Oilers 1-10H well, located in Richland County, MT is operated by Crusader Energy and produced from the Three Forks formation at an initial production rate of 80 barrels of oil per day prior to final completion. Northern Oil holds a 7.5% working interest in the well.

With these most-recent ten completions, Northern Oil now holds working interest in 38 producing wells and has drilled with a 100% success rate in 2008.

Northern Oil is a working interest participant in an additional 21 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 NAME    WI    COUNTY    LOCATION    STATUS       OBJECTIVE

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

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

    EOG       PARSHALL
    RESOURCES 12-27H      2.00%  MOUNTRAIL 27-152N/90W COMPLETING   BAKKEN

    EOG       PARSHALL
    RESOURCES 11-28H      2.00%  MOUNTRAIL 28-152N/91W COMPLETING   BAKKEN

    WHITING   BRAAFLAT                                              THREE
    OIL & GAS 11-11H      0.50%  MOUNTRAIL 11-153N/91W DRILLING     FORKS


    HESS      RS-F. ARMOUR
    CORPORA-  156-92-
    TION      1213H       3.00%  MOUNTRAIL 12-156N/92W DRILLING     BAKKEN

    HESS      EN-ENGET
    CORPORA-  158-93-
    TION      1009-1H     2.50%  MOUNTRAIL 10-158N/93W DRILLING     BAKKEN

    SLAWSON
    EXPLORA-  JERICHO
    TION      1-5H       42.00%  MOUNTRAIL 5-151N/92W  DRILLING     BAKKEN

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

    SLAWSON   NIGHT-
    EXPLORA-  CRAWLER
    TION      1-17H       5.00%  MOUNTRAIL 17-152N/91W DRILLING     BAKKEN

    BRIGHAM
    EXPLORA-  STROBECK                                              THREE
    TION      27-34H      7.50%  MOUNTRAIL 27-155N/92W DRILLING     FORKS

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


    PETRO-    WOLLAN      3.00%  MCKENZIE  27-152N/96W DRILLING     BAKKEN
    HUNT      27B-2-2H

    XTO       SIG         2.00%  DIVIDE    7-161N/94W  DRILLING     THREE
    ENERGY    21X-6                                                 FORKS

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

    MARATHON
    OIL       SHOBE
    COMPANY   24-20H      7.50%  MOUNTRAIL 20-151N/93W COMPLETING   BAKKEN

    MARATHON  JODI
    OIL       CARLSON
    COMPANY   24-12H      2.00%  DUNN      12-145N/95W COMPLETING   BAKKEN

    MARATHON
    OIL       NORTON
    COMPANY   24-12H      2.00%  DUNN      12-145N/95W COMPLETING   BAKKEN

    MARATHON  JAY
    OIL       SANDSTROM
    COMPANY   34-31H      5.00%  MOUNTRAIL 31-151N/93W DRILLING     BAKKEN

    CONTI-
    NENTAL    ARMSTRONG
    RESOURCES 1-24H       2.00%  BILLINGS  13-141N/99W DRILLING     BAKKEN

    CONTI-
    NENTAL    THORVALD                                              THREE
    RESOURCES 1-6H        6.25%  DUNN      6-146N/96W  DRILLING     FORKS

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.

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