Category: Uncategorized
- Published: 29 November -0001
Northern Oil and Gas, Inc. Announces Significant Bakken Discoveries, Three Forks/Sanish Plans, and Updates Accelerated 2008 Drilling Schedule
Northern Oil and Gas, Inc. (Amex: NOG) (\"Northern Oil\") announced today it has recently participated in the successful completion of three wells in the emerging North Dakota Bakken play, bringing to eleven the total number of producing wells in which Northern holds an interest.
In addition, Northern holds a working interest in an additional fourteen wells that are in the drilling or completion stages and is included in nearly 70 permitted or docketed-for-permit drilling locations that are expected to drill between now and early 2009. Northern Oil controls approximately 60,000 net acres in the North Dakota Bakken play, yielding over 90 net well locations based on 640 acre drilling units. In addition, Northern controls approximately 22,000 net acres in Sheridan County, Montana and has successfully completed two wells to the Red River formation. \"Northern\'s first mover leasing advantage is yielding significant rewards for our stakeholders,\" said Northern Chief Executive Officer Michael Reger. \"We continue to accelerate our participation in successful North Dakota Bakken development, providing solid production results. With over 70 permits pending, our net production should continue to grow at an increasing rate in the second half of the year.\"
The recently completed Johnson 33 #1H well operated by Brigham Exploration is representative of Northern\'s growing success in the North Dakota Bakken play. The well flowed at an early rate of 650 BOPD, with sustained production of approximately 560 BOPD. The Johnson well is located significantly north of the Parshall field, representing an important Northern extension of prolific Bakken production. Northern participated in the Johnson 33 #1H with a 16.5% Working Interest.
\"With approximately 10,000 net acres near the successful Johnson 33 #1H well, Northern is well positioned to benefit from Brigham\'s important success,\" Reger said. \"We expect to participate in a number of offset locations to the Johnson 33 well in the coming months.\" A complete review of current producing wells can be found at the conclusion of this release.
Northern is currently participating in Continental Resources\' Skachenko 1-31H well in Dunn County, ND. The well is a direct offset to the Bice 1-29H, also drilled by Continental. The Bice well -- announced in late May -- is among the first Three Forks/Sanish discoveries in the region.
\"Northern\'s first Three Forks/Sanish well is significant in that, if successful, it provides an additional opportunity to grow reserves and production in what we believe is another prolific oil resource within our leasehold position,\" Reger added.
On June 30, Northern called for conversion the balance of outstanding warrants issued in 2007 in conjunction with the company\'s private placement offering. As of today, all holders have exercised their warrants resulting in net proceeds to the company of approximately $14.5 Million.
\"The conversion of the outstanding warrants provides an influx of capital that will allow us to comfortably accelerate our drilling program in the second half of the year,\" Reger said. \"It also allows us to continue to opportunistically grow our leasehold position as we did last month with the acquisition of an additional 24,000 net acres in Dunn County, North Dakota, which was closed last week.\"
Northern\'s producing, drilling and permitted locations can be found in the
table below.
PRODUCING WELLS
STATE OPERATOR WELL NAME NOG WI COUNTY LOCATION SPUD DATE IP
ND BRIGHAM BERGSTROM 6.25%/ MOUNTRAIL 154/89-26 10/31/2007 250
EXPLORATION TRUST 24%
26-1H BIAPO
ND BRIGHAM HALLINGSTAD 8.5%/ MOUNTRAIL 154/89-27 12/28/2007 450
EXPLORATION 27-1H 20%
BIAPO
MT BRIGHAM RICHARDSON 37.00% SHERIDAN 34/55-25 11/5/2007 275
EXPLORATION 25-1
MT BRIGHAM RICHARDSON 12.5%/ SHERIDAN 34/56-30 26-Apr 175
EXPLORATION 30-1 20%
BIAPO
ND BRIGHAM JOHNSON 16.25% MOUNTRAIL 158/91-33 1-May 650
EXPLORATION 33-1H
ND MUREX RICK CLAIR 6.25% MOUNTRAIL 155/91-36 15-Jan 1400
PETROLEUM 25-36H
ND MARATHON REISS 3.00% DUNN 145/94-20 10/1/2007 600
OIL COMPANY 34-20H
ND MARATHON KENT 6.25% DUNN 146/95-36 1-Mar 450
OIL COMPANY CARLSON
24-36H
ND MARATHON VOIGT 1.00% DUNN 146/93-15 1-Mar 450
OIL COMPANY 11-15H
ND WHITING OIL BRAAFLAT 1.00% MOUNTRAIL 153/91-11 1-Mar 1600
& GAS 11-11H
ND SINCLAIR NELSON 3.00% MOUNTRAIL 155/90-26 1-May 750
OIL 1-26H
DRILLING & PERMITTED WELLS
STATE OPERATOR WELL NAME NOG WI COUNTY LOCATION SPUD DATE
ND EOG RESOURCES WAYZETTA 6.25% MOUNTRAIL 153/90-13 DRILLING
1-13H
ND EOG RESOURCES AUSTIN 5.00% MOUNTRAIL 154/90-30 1-Aug
19-30H
ND EOG RESOURCES MODEL 1-05H 3.00% MOUNTRAIL 152/89-5 TBD
ND EOG RESOURCES MODEL 2-08H 3.00% MOUNTRAIL 152/89-8 TBD
ND EOG RESOURCES MODEL 4-19H 3.00% MOUNTRAIL 152/89-19 TBD
ND EOG RESOURCES RUUD 1-18H 3.00% MOUNTRAIL 152/89-18 TBD
ND EOG RESOURCES AUSTIN 3.00% MOUNTRAIL 154/90-32 TBD
23-32H
ND EOG RESOURCES SHELL 1-08H 3.00% MOUNTRAIL 153/89-8 TBD
ND EOG RESOURCES AUSTIN 3-4H 1.00% MOUNTRAIL 154/90-4 TBD
ND EOG RESOURCES PARSHALL 2.00% MOUNTRAIL 152/90-27 TBD
12-27H
ND EOG RESOURCES PARSHALL 2.00% MOUNTRAIL 152/90-28 DRILLING
11-28H
ND EOG RESOURCES MODEL 1-09H 3.00% MOUNTRAIL 152/89-9 TBD
ND WHITING OIL FEDERAL 1.00% MOUNTRAIL 153/91-9 1-Aug
& GAS 11-9H
ND SLAWSON BANDIT 27.00% MOUNTRAIL 152/91-29 1-Aug
EXPLORATION 1-29H
ND SLAWSON PEACEMAKER 15.00% MOUNTRAIL 152/91-8 1-Aug
EXPLORATION 1-8H
ND SLAWSON PATHFINDER 3.00% MOUNTRAIL 152/91-9 COMPLETING
EXPLORATION 1-9H
ND SLAWSON PROWLER 5.00% MOUNTRAIL 152/91-16 DRILLING
EXPLORATION 1-16H
ND SLAWSON HEDGEHOG 5.00% MOUNTRAIL 151/89-6 TBD
EXPLORATION 1-6H
ND SLAWSON TOMCAT 1-2H 5.00% MOUNTRAIL 151/90-2 TBD
EXPLORATION
ND SLAWSON SENTRY 10-1H 5.00% MOUNTRAIL 151/90-14 TBD
EXPLORATION
ND SLAWSON NIGHTCRAWLER 5.00% MOUNTRAIL 152/91-17 TBD
EXPLORATION 1-17H
ND SLAWSON PAYARA 1-21H 5.00% MOUNTRAIL 152/91-21 COMPLETING
EXPLORATION
ND SLAWSON VOYAGER 5.00% MOUNTRAIL 152/91-21 TBD
EXPLORATION 1-28H
ND SLAWSON POLARIS 5.00% MOUNTRAIL 157/91-21 TBD
EXPLORATION 1-21H
ND SLAWSON PANTHER 7.50% MOUNTRAIL 158/91-29 TBD
EXPLORATION 1-29H
ND BRIGHAM AFSETH 34-1H 6.25% MOUNTRAIL 158/91-34 1-Oct
EXPLORATION
ND BRIGHAM HALLINGSTAD 15.00% MOUNTRAIL 154/89-35 1-Nov
EXPLORATION 35-1H
ND BURLINGTON BONNEY 34-3H 3.00% DUNN 145/96-3 COMPLETING
RESOURCES
ND WINDSOR ENERGY WOLF 1-4H 16.00% MOUNTRAIL 151/92-4 1-Sep
ND TRACKER KNUTSON 8.00% DUNN 143/94-4 TBD
RESOURCES #4-1H
ND XTO - SMOUSE 30.00% MOUNTRAIL 155/96-28 TBD
HEADINGTON 41-28
ND ENCORE ROLFSON 5.00% MCKENZIE 150/98-4 TBD
OPERATING 14-33H
ND SAMSON OIL GUSTAFSON 25.00% BURKE 161/92-29 1-Aug
29-161-92H
ND MUREX CHAD ALLEN 6.25% MOUNTRAIL 155/91-25 TBD
PETROLEUM 25-36H
MT CRUSADER OILERS 1H-10 7.50% RICHLAND 21/59-10 1-Sep
ENERGY
ND MARATHON OIL CLIVE PELTON 3.00% DUNN 146/93-23 DRILLING
COMPANY 34-23H
ND MARATHON OIL ECKELBERG 3.00% DUNN 146/93-26 COMPLETING
COMPANY 41-26H
ND MARATHON OIL KENT CARLSON 6.25% DUNN 14/95-36 TBD
COMPANY 14-36H
ND MARATHON OIL KOVAOFF 2.00% DUNN 144/95-17 TBD
COMPANY 21-17H
ND MARATHON OIL SHOBE 24-20H 7.50% MOUNTRAIL 151/93-20 TBD
COMPANY
ND MARATHON OIL STROMMEN 3.00% DUNN 145/94-8 15-Aug
COMPANY 14-8H
ND CONTINENTAL SKACHENKO 6.25% DUNN 146/95-31 DRILLING
RESOURCES 1-31H
ND CONTINENTAL ELVEIDA 10.00% DIVIDE 161/95-33 DRILLING
RESOURCES 1-33H
ND CONTINENTAL ARVID 1-34H 6.25% DIVIDE 161/95-34 DRILLING
RESOURCES
ND CONTINENTAL SHONNA 15.00% DIVIDE 161/95-15 TBD
RESOURCES 1-15H
ND CONTINENTAL ELLS 1-6H 12.50% DIVIDE 161/95-6 TBD
RESOURCES
ND CONTINENTAL VIOLA 1-7H 7.50% DIVIDE 160/95-7 TBD
RESOURCES
ND CONTINENTAL ROSSOW 10.00% DIVIDE 161/95-10 TBD
RESOURCES 1-10H
ND ST. MARY S.M. CLARK 2.00% MOUNTRAIL 158/91-6 TBD
4-6H
ND HESS EN-HYNEK- 12.50% MOUNTRAIL 155/93-1 TBD
CORPORATION 0112H-1
ND HESS EN-NESET- 3.00% MOUNTRAIL 156/94-7 DRILLING
CORPORATION 0706H-1
ND HESS EN-PERSON- 12.50% MOUNTRAIL 156/94-11 DRILLING
CORPORATION 1102H-1
ND HESS RS-AGRIBANK- 7.50% MOUNTRAIL 157/91-11 DRILLING
CORPORATION 1102H-1
MT KODIAK OIL MEAGHER 8.50% SHERIDAN 34/58-30 TBD
& GAS 16-30
MT KODIAK OIL BONEYARD 8.50% SHERIDAN 34/58-20 TBD
& GAS 13-20
About Northern Oil and Gas, Inc.:
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 60,000 net mineral acres. 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.
Contact:
Michael Reger
CEO
Ryan Gilbertson
CFO
Phone: 952-476-9800
Fax: 952-476-9801
www.NorthernOil.com
SOURCE Northern Oil and Gas, Inc.
