NOG Provides Update on First Quarter Hedging Results and Stock Repurchases

Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today provided an update regarding first quarter hedging results and stock repurchases.

HEDGING UPDATE

The Company periodically enters into derivative agreements to hedge a portion of its commodity pricing exposure. For the first quarter of 2024, realized gains on derivatives are expected to be $19.1 million. Unrealized mark-to-market losses on derivatives are expected to be $146.2 million for the quarter.

STOCK REPURCHASE UPDATE

The Company allocated capital in the first quarter of 2024 to common stock repurchases. NOG repurchased 549,356 shares of its common stock at a weighted average price of $36.42 per share, repurchased prior to the most recent dividend record date. For comparative purposes, the average closing price of NOG’s common stock during March 2024 was $37.71, and the final closing price at quarter end was $39.68. As of the end of the first quarter, the Company had $67.5 million of availability remaining on its existing common stock repurchase authorization.

MANAGEMENT COMMENTS

“Repurchases of NOG’s common stock offered a compelling option for our excess cash flow in the first quarter,” commented Nick O’Grady, NOG’s Chief Executive Officer. “With a positive growth outlook, and promising developments in our larger joint operated ventures, NOG is poised for a productive 2024 with a sightline to continued strength in 2025. Our dynamic approach to delivering a compelling total return for our shareholders provides us the flexibility to allocate capital where we see the most attractive value.”

ABOUT NOG

NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com.

PRELIMINARY INFORMATION

The preliminary unaudited first quarter 2024 financial and operating information included in this press release (including with respect to hedging results and other matters) are based on estimates and subject to completion of NOG’s financial closing procedures. Such information has been prepared by management solely based on currently available information. The preliminary information does not represent and is not a substitute for a comprehensive statement of financial and operating results, and NOG’s actual results may differ materially from these estimates because of final adjustments, the completion of NOG’s financial closing procedures, and other developments after the date of this release.