Northern Oil and Gas, Inc. (NOG) reported 2009 net income of $2.8 million, or $0.08 per share. The company earned $2.4 million in 2008. Revenues increased to $15.1 million in 2009, up from $3.5 million in 2008.
Northern Oil and Gas, Inc. reported proved reserves of 6.1 million barrels of oil equivalent (BOE) at the end of 2009, using new reserve reporting rules issued by the Securities and Exchange Commission (SEC) for use in 2009. These rules mandated the use of monthly average prices to calculate reserves, which in 2009 were $53.00 per barrel for oil and $3.93 per Mcf for natural gas.
Northern Oil and Gas, Inc. said that proved reserves were 10.5 million BOE using the rules in effect for 2008, which mandated the use of commodity pricing on the last day of the year. Commodity prices on December 31, 2009, were considerably higher than the monthly average during 2009, and were $71.82 per barrel and $5.07 per Mcf.
Northern Oil and Gas, Inc. produced 282,212 BOE during 2009, up more than 400% from the 51,542 BOE produced in 2008. Ninety five percent of the production is oil.
Northern Oil and Gas, Inc. is an oil and gas exploration and production company with acreage in North Dakota and Montana that is prospective for several different oil and gas bearing formations. These include the Bakken, Three Forks and Sanish formations.