NOG
Northern Oil and Gas, Inc. Announces 2018 First Quarter Results and Increases 2018 Production Guidance
May 7, 2018
MINNEAPOLIS--(BUSINESS WIRE)--
Northern Oil and Gas, Inc. (NYSE American: NOG) today announced 2018 first quarter results and increased the company’s full-year 2018 production guidance.
HIGHLIGHTS
Daily production exceeded guidance, increasing 35% year-over-year and 7.5% sequentially to average approximately 18,000 barrels of oil equivalent (“Boe”) per day in the first quarter, for a total of 1,619,521 Boe Exited the quarter with 19.0 net wells in process after adding 5.8 net wells to production and 6.5 net wells to the drilling and completing list Raising full year 2018 production guidance; expect average daily production to increase by 26 - 30% over 2017, versus prior guidance of 18 - 22% (estimates do not include the recently announced Salt Creek acquisition) Increased activity is expected to add 22 - 24 net wells to production during 2018, an increase of two net wells versus prior guidance (estimates do not include the recently announced Salt Creek acquisition) Completed a $93.4 million underwritten common stock offering in April 2018; expect to close the previously announced bond exchange agreement and related transactions by May 15, 2018 On April 26, 2018, the company announced a definitive agreement with Salt Creek Oil and Gas, LLC to acquire producing assets and acreage in the core of the Williston Basin |
