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INVESTOR PRESENTATION – Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. · Dec 2, 2014 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 1
    One Step Ahead of The Drill Bit December 2014 NYSE MKT: NOG
  2. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 2
    Non-Operating Oil and Gas Company Focused in the Williston Basin Large, Diversified Acreage Position with Decades of Drilling Inventory Significant Production Base, Cash Flow and Un-Booked Reserves enables Continued Growth…
  3. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 3
    100% Williston Basin Bakken/Three Forks Pure Play: 185,000 Net Acres 1,300 Remaining Net Well Inventory(1) 76% of North Dakota Acreage Held(2), 64% Held in Total Production: (3rd Quarter 2014) Averaged 16,450 BOEpd; 90% Crude Oil…
  4. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 4
    The Non-Op Model Northern was founded in 2006 to exploit non-op land opportunities as Bakken play began Achieved the size, scale and reputation as the go-to non-op lease buyer Ability to chose which wells to participate in with no…
  5. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 5
    2014 CapEx Budget ( in millions) Production and Net Well Additions Drilling and Completion* 415 5.6 5.5 MMBoe 45 Acreage and Other Expenditures 35 5.5 5.4 44 Wells Total 450 44 5.3 5.2 Production (MMBoe) 5.1 43 25% Increase in…
  6. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 6
    Every well is a stand alone economic decision, subjected to The Process Capital Available to Consistent Fund Best Deal Flow Projects Expert Proprietary Screening Analysis 7
  7. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 7
    YTD we have analyzed 800 AFEs Land Department Receive 4 to 5 well proposals per day Pad drilling driving more AFEs Review of Proposal Look at NOG proprietary data Engineering Look at NDIC data Consider completion technique Analysis…
  8. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 8
    PROs CONs We dont sign JOAs or have any JVs We do not participate in the economics of that particular well bore State law in ND and MT dictates terms No well data until it comes off Confidential List (6 months in ND) Not mandated to…
  9. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 9
    North Dakota Wells Spud(1) Bakken Petroleum System(2 - USGS) 3000 2,527 2500 2,086 2,254 2000 1,528 1500 1,175 1000 658 515 500 0 2008 2009 2010 2011 2012 2013 2014E North Dakota Active Rig Count and Production(1)…
  10. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 10
    Historical Cash Operating Margins per BOE (1) 90.00 100.0% 80.00 79.0% 79.77 70.00 75.85 78.79 75.2% 77.74 76.2% 76.0% 73.2% 60.00 69.0% 75.0% % Margin 66.39 (/Boe) 50.00 57.77 59.87 59.97 56.92 51.55 52.44 40.00…
  11. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 11
    50% 46.70% Well Assumptions: 45% CWC: 9.5 million B Value: 1.5 40% Terminal Decline: 6% Differential: 10 Gas Price: 5.50 (Liquids Uplift) 34.12% 35% 32.10% 30% IRR (%) 25% 22.76% 22.74% 20.05% 20% 14.93% 13.91% 15%…
  12. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 12
    13
  13. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 13
    Current Inventory - 93% of D&C Wells Located in Big Four Counties Mountrail McKenzie 27% 30% 7% Other 10% 26% Dunn Williams 14
  14. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 14
    Foundation for Continued Growth Northern Net Acreage Summary 23% 24% 36% 64% 77% 76% Montana North Dakota Total % Held (1) Total % Non-Held ND % Held (1) ND % Non-Held Net Acres By County Total Net Acreage: 184,700 (as…
  15. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 15
    Percentage of PDPs By Operator Top 10 Operators Slawson 1 10.8% Exploration 7.2% Continental 2 Resources 21.5% 6.2% 3 Hess 5.5% 4 Whiting Petroleum Less Than 2% 5 Oasis Petroleum 5.2% 14.0% 6 EOG Resources 4.4% 7 XTO…
  16. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 16
    Proved Reserves as of 12/31/2013 ( in millions) Oil Gas Total SEC (MMBbls) (Bcf) (MMBoe) PV-10(1) P1 Category PDP 26.2 16.5 28.9 881.7 PDNP 5.9 4.1 6.6 151.1 PUD 43.8 29.5 48.7 488.5 Total Proved Reserves 75.8 50.2 84.2 1,521.3…
  17. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 17
    Financial Resources to Stay One Step Ahead Liquidity 600 500 228 Liquidity of in millions 400 330 Million 550 300 8 200 322 322 100 8 0 Credit Facility(1) Outstanding Available Credit Cash Available Liquidity…
  18. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 18
    Disciplined Organic Growth 16,000 700 15,300 15,000 650 Capital Expenditures (MM) Annual Production (Boepd) 14,000 600 13,000 12,261 12,000 538 550 11,000 10,274 500 10,000 CapEx 450 439 450 9,000 8,000 400…
  19. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 19
    SWAPS COSTLESS COLLARS Weighted Weighted Average Average Contract Volume Floor/Ceiling Volume Floor/Ceiling Period (Bbls) Price (Bbl) (Bbls) Price (Bbl) 2014: Q4 975,000 89.77 60,000 90.00 - 99.05 2015: Q1 990,000 89.03 - - Q2…
  20. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 20
    3-Year Production Replacement 3-Year F&D Costs (/Boe) 2000% 30 1800% 25 1600% 1400% 20 1200% 1000% 15 800% 10 600% 400% 5 200% 0% 0 EOX KOG OAS CLR NOG MHR WLL EOG MHR WLL EOG KOG EOX OAS NOG CLR As of 9/30/2014 21
  21. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 21
    EV / Proved Reserves (YE 2013) EV / Production (TTM Q314) 35 200 180 30 160 /Boepd ( in thousands) 25 140 120 20 /Boe 100 15 80 10 60 40 5 20 0 0 KOG MHR EOG OAS EOX CLR WLL NOG EOX CLR MHR KOG OAS WLL NOG…
  22. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 22
    Proven Acquisition Model Acquire High-Potential Acreage Participated in 2,500 Bakken/Three Forks wells; 25% of all Bakken/TF Drilling Deep Knowledge of the Bakken and Three Forks Go-To Non-Op Acreage Buyer Steady Deal Flow from…
  23. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 23
    APPENDIX: Supplemental Information 24
  24. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 24
    Year Ended December 31, 2013 2012 2011 2010 2009 Production Oil (MBbls) 4,046.7 3,465.3 1,792.0 849.8 274.3 Natural Gas and NGLs 2,572.2 1,768.9 800.2 234.4 47.3 Total Production (Mboe) 4,475.4 3,760.1 1,925.4 888.9 282.2…
  25. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 25
    2013 2012 2011 2010 2009 2008 (In Thousands) Net Income 53,067 72,285 40,611 6,917 2,798 2,424 Add Back: Interest Expense 32,709 13,875 586 583 535 28 Income Tax Provision 30,768 43,002 26,835 4,419 1,466 (830) Depreciation,…
  26. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 26
    Quarter Ended September 30, June 30, March 31, December 31, In thousands 2014 2014 2014 2013 Net Income 57,985 (4,412) 6,589 17401 Add Back: Interest Expense 10,624 10,326 9,898 9,569 Income Tax Provision 35,050 (2,750) 4,100…
  27. INVESTOR PRESENTATION – Northern Oil and Gas, Inc. – slide 27
    (/Boe, except % Margin) Realized Year Price* Production Expense Production Taxes Cash G&A Margin % Margin 2009 51.55 2.67 4.60 8.70 35.57 69.0% 2010 66.39 3.70 6.16 4.09 52.44 79.0% 2011 75.85 6.77 7.43 3.88 57.77 76.2%…

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