Northern Oil and Gas, Inc. Announces Departure of President and Founder
02 August 2019 - 6:45AM
Business Wire
Northern Oil and Gas, Inc. (NYSE American: NOG) today announced
that Michael Reger, Northern’s Founder, President and Chairman
Emeritus, is departing the company to pursue opportunities outside
the Williston Basin. The departure is amicable and Mr. Reger will
remain Chairman Emeritus. In addition, Mr. Reger will be available
to assist Northern in the transition under a consulting arrangement
through March 2020.
“It has been an honor and privilege to help build Northern into
a top-tier oil producer in the Williston Basin over the last 13
years. I am particularly proud of what we have been able to
accomplish during the past 18 months; successfully acquiring over
$850 million of high-quality assets, recapitalizing and fortifying
the balance sheet and growing current production to over 40,000
barrels of oil equivalent per day,” commented Mr. Reger.
“Northern's go-forward positioning and return-of-capital strategy
is ideally suited for the evolving preferences of public energy
investors and I am confident that the management team and board
will continue to deliver outstanding results.”
“Mr. Reger was the pioneering visionary of the public,
non-operated business model in 2006, guided the company through
periods of both rapid industry growth and contraction, and was
instrumental in the recent recapitalization and turnaround of
Northern,” commented Bahram Akradi, Chairman of the Board. “As
Northern transitions to a primary focus of the return of free cash
flow to shareholders, Mr. Reger’s entrepreneurial talents are best
suited for a startup organization and we wish him the best of luck
in his future endeavors.”
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production
company with a core area of focus in the Williston Basin Bakken and
Three Forks play in North Dakota and Montana.
More information about Northern Oil and Gas, Inc. can be found
at www.NorthernOil.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 Northern’s financial position, business
strategy, plans and objectives of management for future operations,
industry conditions, and indebtedness covenant compliance are
forward-looking statements. When used in this release,
forward-looking statements are generally accompanied by terms or
phrases such as “estimate,” “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 sales, market size, collaborations, and
trends or operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond
Northern’s control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the following: changes in crude oil and natural gas
prices, the pace of drilling and completions activity on Northern’s
properties, Northern’s ability to acquire additional development
opportunities, changes in Northern’s reserves estimates or the
value thereof, general economic or industry conditions, nationally
and/or in the communities in which Northern conducts business,
changes in the interest rate environment, legislation or regulatory
requirements, conditions of the securities markets, Northern’s
ability to raise or access capital, changes in accounting
principles, policies or guidelines, financial or political
instability, acts of war or terrorism, and other economic,
competitive, governmental, regulatory and technical factors
affecting Northern’s operations, products, services and prices.
Northern has based these forward-looking statements on its
current expectations and assumptions about future events. While
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond Northern’s control. Northern does not undertake
any duty to update or revise any forward-looking statements, except
as may be required by the federal securities laws.
Source: Northern Oil and Gas, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20190801006034/en/
Nicholas O’Grady Chief Financial Officer (952) 476-9800
ir@northernoil.com
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