NOG Announces Closing of Core Northern Delaware Basin Bolt-on Acquisition

Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced the closing of a previously announced acquisition of non-operated interests in the Northern Delaware Basin.

DELAWARE BASIN ACQUISITION

On December 1, 2022, NOG closed its previously announced acquisition of properties from Alpha Energy Partners. The closing settlement was $155.1 million in cash, which includes a $17.5 million deposit paid at signing in September 2022. The closing cash settlement is net of preliminary and customary purchase price adjustments and remains subject to post-closing settlements between NOG and the seller. More information regarding this acquisition, including potential additional future consideration to be paid by NOG, can be found in NOG’s September 30, 2022 press release announcing the transaction, which is available here.

MANAGEMENT COMMENTS

“These assets are poised to deliver substantial growth over the coming years, with some of the lowest cost inventory we have acquired, tied to our top operators in the Permian,” commented Adam Dirlam, NOG’s President. “We remain focused on our mission to allocate capital efficiently, grow our enterprise to bolster long-term returns on capital employed, and increase shareholder returns in kind.”

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.

ABOUT ALPHA ENERGY PARTNERS

Alpha Energy Partners is a privately held oil and natural gas company based in Midland, Texas, and is actively acquiring assets across the Permian Basin. More information about Alpha Energy Partners can be found at www.alphapermian.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 NOG’s shareholder return plans, financial position, business strategy, plans and objectives of management for future operations, and other matters are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “guidance,” “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 trends or operating results also constitute such forward-looking statements.