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Hedge Fund Buys $33MM Debt Load from Bakken-Focused E&P
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A private hedge fund has bought up a chunk of Northern Oil & Gas' debt, according to a report by Reuters.
Angelo, Gordon & Co. purchased $33 million worth of the company's debt as it looks to bolster Northern Oil's cash reserves. The report also stated that Angelo hinted at a possible debt or equity exchange for Northern Oil in the near future.
The firm owns a ~10% stake in Northern Oil, making it the company's second largest investor. The largest stakeholder is hotel mogul Robert Rowling, who owns over 22% of Northern Oil.
Northern Oil Stock Price - Last 12 Months
Northern Oil's stock has been hit hard by the commodity price downturn, coming in at less than $1.00/share this week (down ~64% from a high of $2.30 in late December 2019).
Northern Oil Asset Snapshot
Northern Oil & Gas Inc. is a non-op company with operations focused in the Bakken.
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