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Northern Oil and Gas, Inc. Announces Borrowing Base Increase
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Northern Oil and Gas, Inc. (AMEX: NOG) announced an increase in its borrowing base under its reserves-based revolving credit facility from $725 million to $850 million. The elected commitment amount also rose from $660 million to $750 million, with unanimous approval from a 14-lender syndicate effective November 3, 2021. Notably, this increase does not include any reserve value from the forthcoming Williston Basin acquisition, showcasing the strength of the company's reserves base.
Positive
Borrowing base increased by $125 million to $850 million.
Elected commitment raised by $90 million to $750 million.
Unanimous approval from 14 lenders indicates strong lender confidence.
Increased borrowing capacity demonstrates robust reserves without factoring in future acquisitions.
Negative
None.
MINNEAPOLIS--(BUSINESS WIRE)--
Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company” or “Northern”) today announced that the borrowing base under its reserves-based revolving credit facility has been increased to $850.0 million from $725.0 million. Northern has chosen to increase the elected commitment amount to $750.0 million from $660.0 million. The 14 lender syndicate unanimously approved the increase, effective as of November 3, 2021. No material changes were made to the terms of the credit facility.
MANAGEMENT COMMENT
“We are pleased that our strong reserves base support another increase of our borrowing base,” commented Chad Allen, Northern’s Chief Financial Officer, “More impressive is that this borrowing base does not include any reserve value from our pending Williston Basin acquisition.”
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. 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.
