Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”)
today announced that Brandon Elliott, Northern’s Chief Executive
Officer, is stepping down as CEO, and will be succeeded by Nicholas
O’Grady, Northern’s current President and Chief Financial Officer,
effective January 1, 2020. Chad Allen, Northern’s Chief Accounting
Officer, will succeed Mr. O’Grady as Chief Financial Officer.
Northern is pleased to also announce the hiring of Mike Kelly and
additional senior-level promotions.
CEO & CFO APPOINTMENTS
Northern announced the following appointments that will be
effective January 1, 2020:
- Nicholas O’Grady, currently President and Chief Financial
Officer, promoted to Chief Executive Officer
- Chad Allen, currently Chief Accounting Officer, will succeed
Mr. O’Grady as Chief Financial Officer
“I’d like to thank Brandon for his invaluable contributions to
Northern’s growth over his tenure and I wish him well in his future
endeavors,” commented Bahram Akradi, Chairman of the Board. “I’d
also like to congratulate the rest of the team for their
well-earned promotions as we continue to build Northern into a
non-op powerhouse, and welcome Mike Kelly to the team.”
“I want to thank Bahram, Northern’s board of directors and the
entire Northern team for everything they have done to get Northern
to this point in its life cycle,” commented Brandon Elliott, Chief
Executive Officer. “With the culmination of the financial
repositioning and the beginning of a sustainable program to return
capital to shareholders, the company and the management team have
never been better positioned to continue the successes we have
had.”
Mr. Elliott will step down as Chief Executive Officer on
December 31, 2019, and from the company’s executive team on January
15, 2020. He will remain a consultant through 2020 to help
facilitate the management transition and advise the company and the
board on ESG initiatives and other strategic matters.
Nicholas O’Grady has been named Chief Executive Officer,
effective January 1, 2020. Mr. O’Grady has served as Northern’s
Chief Financial Officer since June 2018 and as President since
September 2019.
Chad Allen will become Northern’s Chief Financial Officer,
effective January 1, 2020. Mr. Allen has served as Chief Accounting
Officer since August 2016, after joining Northern in 2013 as
Corporate Controller. He also served as Interim Chief Financial
Officer from January – May 2018.
OTHER SENIOR APPOINTMENTS
Northern announced the following additional senior-level
appointments that will be effective January 1, 2020:
- Adam Dirlam, currently Executive Vice President of Land, will
be promoted to Chief Operating Officer
- Erik Romslo, currently Executive Vice President, General
Counsel and Secretary, will be promoted to Chief Legal Officer and
Secretary
- Mike Kelly being hired to serve as Executive Vice President of
Finance
- James Evans, currently Vice President of Engineering, will be
promoted to Senior Vice President of Engineering
Adam Dirlam has been named Chief Operating Officer, effective
January 1, 2020. Mr. Dirlam has served as Executive Vice President
of Land since June 2018, prior to which he served as Senior Vice
President of Land since 2013 and in other roles with Northern since
2009.
Erik Romslo has been named Chief Legal Officer and Secretary,
effective January 1, 2020. Mr. Romslo has served as Executive Vice
President, General Counsel and Secretary since January 2013 after
joining Northern as General Counsel and Secretary in 2011.
Mike Kelly is being hired to serve as Executive Vice President
of Finance, effective January 1, 2020. He joins Northern from
Seaport Global Securities, where he was a Partner and Head of
E&P Research covering over 30 companies in the exploration and
production sector since 2011. Prior to this he spent over five
years working as an energy analyst for Kennedy Capital Management
in St. Louis. Mr. Kelly earned his MBA at Washington University’s
Olin School of Business and his undergraduate degree from Trinity
University in San Antonio. Mr. Kelly is a CFA charterholder.
James Evans has been named Senior Vice President of Engineering,
effective January 1, 2020. Mr. Evans has served as Vice President
of Engineering since June 2018, prior to which he served as
Reservoir Engineering Manager and in other roles since joining
Northern in 2013.
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 Northern’s capitalization,
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 or market dividend practices, 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. These and other applicable
risks and uncertainties have been described more fully in
Northern’s Annual Report on Form 10-K filed with the SEC on March
18, 2019 and in Northern’s subsequent SEC filings. Northern does
not undertake any duty to update or revise any forward-looking
statements, except as may be required by the federal securities
laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20191217005811/en/
Nicholas O’Grady President & Chief Financial Officer (952)
476-9800 ir@northernoil.com
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