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Northern Oil and Gas reported that Michael Popejoy, Senior Vice President of Energy for TRT Holdings, Inc. in Dallas, Texas has been appointed to Northern's board of directors.
TRT is a significant holder of both Northern's common equity and 8% senior notes.
In connection with today's announcement, Northern announced that it has entered into a letter agreement with TRT. Under the agreement, Northern agreed to nominate Michael Frantz (who joined Northern's board of directors in August 2016) and Mr. Popejoy for election to the board at Northern's 2017 annual meeting of shareholders, and TRT has agreed to customary standstill provisions and to vote its shares in favor of election of Northern's slate of directors at the 2017 annual meeting.
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