NOG Announces New Five-Year Reserves-Based Lending Facility with Significant Borrowing Base Increase

Rhea-AI Summary

Northern Oil and Gas, Inc. (NYSE: NOG) announced on June 7, 2022, an amended credit agreement with Wells Fargo, increasing its borrowing base to $1.3 billion from $850.0 million. The facility's maturity has been extended to June 2027, providing enhanced financial flexibility. Additionally, NOG has raised its elected commitment amount to $850.0 million. CFO Chad Allen expressed gratitude to the bank syndicate for their support, highlighting the robust reserve base that facilitated these improvements.

Positive

• Increased borrowing base to $1.3 billion from $850.0 million.
• Maturity of credit facility extended to June 2027.
• Elected commitment amount raised to $850.0 million from $750.0 million.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced that on June 7, 2022, it entered into an amended and restated credit agreement governing its reserves-based revolving credit facility with Wells Fargo, as administrative agent, and a syndicate of 14 lenders. The borrowing base under the facility has been increased to $1.3 billion from $850.0 million. The facility maturity has been extended from November 2024 to June 2027. NOG has chosen to increase the elected commitment amount to $850.0 million from $750.0 million.

MANAGEMENT COMMENT

“I would like to thank our bank syndicate for their support and confidence in our business,” commented Chad Allen, NOG’s Chief Financial Officer. “Our substantial reserve base has supported a material step up in our borrowing base, elected commitment and importantly, an extension well into 2027.”

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/20220607006145/en/

Mike Kelly, CFA

Chief Strategy Officer

(952) 476-9800

ir@northernoil.com

Source: Northern Oil and Gas, Inc.

FAQ

What was announced by Northern Oil and Gas on June 7, 2022?

Northern Oil and Gas announced an amended credit agreement increasing its borrowing base to $1.3 billion and extending the facility maturity to June 2027.

What is the new borrowing base for NOG?

The new borrowing base for Northern Oil and Gas is $1.3 billion.

When does the credit facility for NOG mature?

The credit facility for Northern Oil and Gas matures in June 2027.

What is the elected commitment amount for Northern Oil and Gas after the latest agreement?

The elected commitment amount for Northern Oil and Gas has been increased to $850.0 million.