NOG Provides Fourth Quarter 2023 Operations Update and Preliminary 2024 Guidance

Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced a fourth quarter 2023 operations update, also highlighting elective Ground Game acquisitions, and preliminary 2024 guidance.

HIGHLIGHTS

• Fourth quarter 2023 production estimated to be 114.4 Mboe per day, resulting in annual production toward the high end of NOG’s guidance range
• Executed on $25 million of opportunistic Ground Game acquisitions in the fourth quarter
• Initiating preliminary 2024 production and capital spending guidance
• 2024 production guidance implies ~20% year over year growth on a flat capital budget at the midpoint of guidance ranges versus preliminary 2023 actuals (excluding non-budgeted acquisitions)

FOURTH QUARTER OPERATIONAL UPDATE

Production volumes in the fourth quarter of 2023 are estimated to have averaged 114.4 Mboe per day. Production increased 12% compared to the third quarter, driven by a full quarter contribution from the Novo acquisition (which closed mid-Q3) and increased Williston Basin production. The increase was tempered in part by planned shut-ins (~2,000 boe per day, 80% oil) due to offset unit development in the Mascot Project. Oil production is estimated at ~60.2% of total volumes for the fourth quarter. Natural gas volumes materially exceeded internal forecasts. With these results, the Company expects total 2023 annual production toward the high end of its guidance range, or approximately 98.8 Mboe per day.

Mark-to-market gains on derivatives for the fourth quarter were an estimated $235.6 million and realized hedge gains were an estimated $11.8 million. Realized prices for natural gas are estimated to be 96% - 97% of average NYMEX Henry Hub prices for the fourth quarter, slightly better than internal expectations driven by improved winter propane prices and tighter seasonal Appalachian differentials. Realized prices for oil are estimated to be at a discount of $4.02 - $4.05 of average NYMEX WTI benchmark prices for the fourth quarter, reflecting markedly wider Williston Basin differentials and modestly weaker Midland-Cushing pricing than the prior quarters in 2023.

Lease operating costs in the fourth quarter were an estimated $9.70 - $9.75 per boe. The Company saw more normalized levels of expensed workover activity in the fourth quarter compared to lower levels in the third quarter. Fourth quarter operating expenses also included approximately $4.0 million in firm transport charges for the Appalachian properties, reflecting a refinement in NOG’s quarterly accrual process as compared to its prior practice. The first quarter accrual is expected to be approximately $2.3 million and, based on current natural gas prices, is expected to be lower on a quarterly basis thereafter. NOG expects the firm transport charges to sunset by mid-2025.