Northern Oil and Gas, Inc. Announces Multiple Acquisitions and Additional Balance Sheet Enhancement - Seite 2
Forecasted Production (boe/d)
41
820
784
566
Cash Flow from Operations
$0.1
$8.7
$8.2
$5.9
Development Capital Expenditures
$4.0
$10.5
$2.1
$0.8
MANAGEMENT COMMENT
“We continue to add to our core inventory,” commented Adam Dirlam, Chief Operating Officer of Northern. “Record levels of wells-in-process should drive strong volumes, and improve upon our return on capital employed metrics in 2021 and beyond.”
BALANCE SHEET ENHANCEMENT
Northern entered into an exchange agreement with a holder of the Company’s 8.5% senior secured notes due 2023. Pursuant to this agreement, the Company agreed to issue $3.7 million in common stock, in exchange for $4.0 million aggregate principal amount of the Notes, based on a forward pricing mechanism. This includes all accrued interest for the period. This transaction is expected to close on or about September 8, 2020. Upon closing of this transaction, the Company expects to have approximately $293.3 million remaining principal amount of Notes outstanding, a reduction of $124.4 million since year end 2019.
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Northern entered into an exchange agreement with a holder of the Company’s 6.5% Series A Perpetual Cumulative Convertible Preferred Stock. Pursuant to this agreement, the Company agreed to issue $4.0 million in common stock, in exchange for $7.6 million of liquidation value of the Preferred Stock, based on a forward pricing mechanism. This transaction is expected to close on or about September 8, 2020. Upon closing of this transaction, the Company expects to have approximately $221.9 million remaining liquidation value of Preferred Stock outstanding.