WAYZATA, Minn., Dec. 10, 2013 /PRNewswire/ -- Northern Oil and Gas, Inc. (NYSE MKT: NOG) ("Northern") is providing a drilling and completion update for the month of November 2013.
DRILLING AND COMPLETIONS UPDATE
During the month of November, Northern participated in 62 gross (4.8 net) wells that were completed and placed into production. Through the first two months of the fourth quarter, Northern had completed 127 gross (9.5 net) wells. These additions bring Northern's year-to-date well additions to 485 gross (36.8 net) wells. As a result, Northern's total producing wells totaled 1,712 gross (143.0 net) as of November 30, 2013. In addition, Northern was participating in 255 gross (16.6 net) wells drilling or awaiting completion as of November 30, 2013.
MANAGEMENT COMMENT
"The drilling and completing momentum we experienced in the third quarter continued into October and November. With the North Dakota rig count currently at 193 active rigs, we remain very pleased with the level of activity on our acreage," commented Northern's Chairman and Chief Executive Officer, Michael Reger. "With our outstanding liquidity position and the net well additions in October and November, we look forward to a strong finish to 2013 and beginning the new year with some positive momentum."
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.
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 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 release regarding Northern's 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 release, 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 Northern's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern's properties, general economic or industry conditions, nationally and/or in the communities in which Northern conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, Northern's ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern's operations, products, services and prices.
Northern has based these forward-looking statements on its current expectations and assumptions about future events. While 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 Northern's control.
INVESTOR RELATIONS CONTACT:
Brandon Elliott
EVP, Corporate Development and Strategy
952-476-9800
belliott@northernoil.com
Erik Nerhus
VP, Business Development
952-476-9800
Enerhus@northernoil.com
SOURCE Northern Oil and Gas, Inc.