Northern Oil and Gas, Inc.Announces Increase in Borrowing Base
MINNEAPOLIS – (COMMERCIAL THREAD) – Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company” or “Northern”) today announced that the borrowing base under its revolving reserve-based credit facility has was increased to $ 850.0 million from $ 725.0 million. Northern elected to increase the amount of the elected commitment from $ 660.0 million to $ 750.0 million. All 14 lender unions unanimously approved the increase, effective November 3, 2021. No material changes were made to the terms of the credit facility.
“We are delighted that our strong reserve base supports a further increase in our borrowing base,” commented Chad Allen, Chief Financial Officer of Northern.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company whose primary strategy is to invest in undeveloped minority mining and mining interests in oil and gas properties, with a primary focus in major basins of the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.