WAYZATA, Minn., Oct. 22, 2015 /PRNewswire/ — Northern Oil and Gas, Inc. (NYSE MKT: NOG) (“Northern”) today announced that, during the semi-annual redetermination period under Northern’s revolving credit facility, its bank syndicate group reaffirmed and maintained the existing $550 million borrowing base.
“Capital discipline, combined with our exposure to the core of the Williston Basin, supported the reaffirmation of our borrowing base,” commented Northern’s Chairman and Chief Executive Officer, Michael Reger. “The financial flexibility of our business model and the discipline we are showing through our capital allocation process gave our lenders the confidence they needed to maintain our borrowing base. We appreciate the continued support provided by the entire syndicate of banks in our facility.”
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.