Northern Oil and Gas, Inc. closed on its direct registered offering of 6.5 million shares of its common stock. The company sold the shares at a price of $9.12, and received $56.2 million in net proceeds.
Northern Oil and Gas, Inc. said it would use the funds for working capital, to repay borrowings on its credit line, and possibly pursue acquisitions if any attractive assets could be found.
Northern Oil and Gas, Inc. is an exploration and production company headquartered in Wayzata, Minnesota. The company has three main areas of operations:
Bakken Shale – Northern Oil and Gas has 70,000 net acres under lease in Mountrail County, North Dakota. The company has a 100% success rate here, and has at least 220 future drilling locations.
Trenton/Black River – Northern Oil and Gas has 10,000 net acres in a leasehold in Yates County, N.Y, with exposure to natural gas.
Red River and Mission Canyon – Northern Oil and Gas has 22,000 net acres under lease in Sheridan County, Montana targeting conventional oil and gas resources.