NOG Announces Borrowing Base Increase

Rhea-AI Summary

Northern Oil and Gas, Inc. (NYSE: NOG) has successfully completed its semi-annual borrowing base redetermination. The borrowing base under its reserves-based revolving credit facility has been increased from $1.3 billion to $1.6 billion. Additionally, NOG has raised the elected commitment amount from $850 million to $1 billion. This approval was unanimously granted by Wells Fargo Bank and a syndicate of 14 lenders on November 10, 2022.

Positive

• Borrowing base increased from $1.3 billion to $1.6 billion.
• Elected commitment amount raised from $850 million to $1 billion.
• Unanimous approval from Wells Fargo Bank and 14 lenders.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the completion of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility. The borrowing base under the facility was increased from $1.3 billion to $1.6 billion, and NOG has chosen to increase the elected commitment amount from $850.0 million to $1.0 billion. Wells Fargo Bank, as administrative agent, and the syndicate of 14 lenders unanimously approved the increases on November 10, 2022.

ABOUT NOG

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110006049/en/

Investor Relations

(952) 476-9800

ir@northernoil.com

Source: Northern Oil and Gas, Inc.

FAQ

What recent financial changes did Northern Oil and Gas announce?

Northern Oil and Gas announced an increase in its borrowing base from $1.3 billion to $1.6 billion.

What is the new elected commitment amount for NOG?

The elected commitment amount for Northern Oil and Gas has been raised to $1 billion.

When was the borrowing base redetermination completed by NOG?

The borrowing base redetermination was completed on November 10, 2022.

Who approved the borrowing base increase for NOG?

The increase was unanimously approved by Wells Fargo Bank and a syndicate of 14 lenders.