Michael Reger Settles SEC Administrative Proceedings

It was announced today that Michael Reger, founder and former chairman and CEO of Northern Oil and Gas, Inc. (“NOG”), has settled the administrative proceedings undertaken by the U.S. Securities and Exchange Commission related to Dakota Plains Holdings, Inc. Reger fully cooperated with the SEC’s inquiry and the settlement is neither an admission or denial of any misconduct on his part.

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Michael Reger (Photo: Business Wire)

The SEC has filed a separate federal lawsuit charging others involved in Dakota Plains, the operator of a crude oil rail terminal in North Dakota, with fraudulent conduct, including a stock manipulation scheme in connection with 2012 trading of Dakota Plains stock. Reger is not a party to that lawsuit.

In commenting on the settlement, Reger said:

“I am relieved to put this matter behind me. This settlement allows me to continue my career in any direction as I am fully able to serve as an officer or board member of a publicly traded company. This agreement also shows that Northern Oil, the company I founded and built, was wrong to characterize my termination as being with cause. I’m confident I will prevail in my lawsuit against Northern and I look forward to having the unfounded attacks on my reputation put to an end once and for all.”

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