Exploration & Production
Northern Oil and Gas, Inc. To Increase Borrow Base; Fund Bakken Drilling
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Northern Oil and Gas, Inc. (NYSE MKT: NOG) (“Northern Oil”) today announced that, on June 29, 2012, it entered into an amendment that increases the borrowing base under its revolving credit facility to $300 million. At June 29, 2012, Northern Oil had no borrowings outstandingunder the facility. The next redetermination of the borrowing base is scheduled for October 1, 2012.
Michael Reger, Chief Executive Officer, commented, “The pace of drilling and completions in the Williston Basin has continued at extremely high levels through the first half of 2012. With $300 million in borrowing capacity at attractive rates under our revolving credit facility, we believe we are well positioned to continue to expand and execute on our…
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