Northern Oil and Gas, Inc. Provides First Quarter Update and Increases 2018 Production Guidance
March 19 2018 - 4:16PM
Business Wire
Northern Oil and Gas, Inc. (NYSE American: NOG) today announced
first quarter 2018 production estimate and increased full year 2018
production guidance.
HIGHLIGHTS
- Expecting first quarter 2018 average
daily production to increase by 5% to 6% over fourth quarter 2017,
a sequential increase of nearly 1,000 barrels of oil equivalent per
day
- Raising full year 2018 production
guidance; now expecting average daily production to increase by 18%
to 22% over 2017, compared to prior guidance indicating a 16% to
20% increase
- Northern added a total of 3.6 net wells
to production in January and February; continues to expect to add
between 20 and 22 net wells to production during 2018
MANAGEMENT COMMENT
“The momentum of 2017 has extended into the first few months of
2018, resulting in increased first quarter production and higher
expectations for 2018,” commented Northern’s Interim President,
Brandon Elliott. “Net well additions during the quarter are running
ahead of our expectations, resulting in production ramping more
quickly than we had planned. While we still expect to add between
20 and 22 net wells to production this year we are clearly off to a
strong start to 2018.”
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production
company with a core area of focus in the Williston Basin Bakken and
Three Forks play in North Dakota and Montana.
The Company has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission (the “SEC”)
for the offering to which this communication relates. Before you
invest, you should read the base prospectus in that registration
statement, the prospectus supplement when available, and other
documents the Company has filed with the SEC for more complete
information about the issuer and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at
www.sec.gov. Alternatively, the Company, any underwriter or any
dealer participating in the offering will arrange to send you the
base prospectus or, when available, the prospectus supplement if
you request it by contacting Stifel, Nicolaus &Company,
Incorporated, Attention: Syndicate Department, One South Street,
15th Floor, Baltimore, MD 21202, telephone: (855) 300-7136, email:
SyndProspectus@stifel.com.
SAFE HARBOR
This press release contains forward-looking statements regarding
future events and future results that are subject to the safe
harbors created under the Securities Act of 1933 (the “Securities
Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
All statements other than statements of historical facts included
in this release regarding Northern’s estimated results for the
three months ended March 31, 2018, 2018 production guidance,
financial position, business strategy, plans and objectives of
management for future operations, industry conditions, and
indebtedness covenant compliance are forward-looking statements.
When used in this release, forward-looking statements are generally
accompanied by terms or phrases such as “estimate,” “project,”
“predict,” “believe,” “expect,” “continue,” “anticipate,” “target,”
“could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may”
or other words and similar expressions that convey the uncertainty
of future events or outcomes. Items contemplating or making
assumptions about actual or potential future sales, market size,
collaborations, and trends or operating results also constitute
such forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond
Northern’s control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the following: the finalization of Northern’s financial
statements for the quarter ended March 31, 2018, which could impact
the estimated results presented herein, Northern’s ability to
successfully complete the proposed exchange with the holders of its
senior notes, including satisfying the conditions to such exchange,
Northern’s ability to raise or access capital, including as a
condition to any transaction with the holders of its senior notes,
changes in crude oil and natural gas prices, the pace of drilling
and completions activity on Northern’s properties, Northern’s
ability to acquire additional development opportunities, changes in
Northern’s reserves estimates or the value thereof, general
economic or industry conditions, nationally and/or in the
communities in which Northern conducts business, changes in the
interest rate environment, legislation or regulatory requirements,
conditions of the securities markets, changes in accounting
principles, policies or guidelines, financial or political
instability, acts of war or terrorism, and other economic,
competitive, governmental, regulatory and technical factors
affecting Northern’s operations, products, services and prices.
Northern has based these forward-looking statements on its
current expectations and assumptions about future events. While
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond Northern’s control. Northern does not undertake
any duty to update or revise any forward-looking statements, except
as may be required by the federal securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20180319006244/en/
Northern Oil and Gas, Inc.Brandon Elliott, CFA,
952-476-9800Interim Presidentbelliott@northernoil.com
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