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April 1, 2013 /PRNewswire/ -- Northern Oil and Gas, Inc. (NYSE MKT: NOG) today announced that on
March 28, 2013, it completed the scheduled year-end redetermination under its revolving credit facility and as a result increased the borrowing base thereunder from
$350 million to
$400 million. Northern currently has
$139 million of outstanding borrowings under the credit facility. The next redetermination of the borrowing base is scheduled for
October 1, 2013.
Michael Reger, Chairman and Chief Executive Officer, commented, "We appreciate the confidence and support of our 13-bank syndicate. The increased borrowing base enhances our strong liquidity position and allows us to continue to fund our future development from cash flow and this credit facility."
ABOUT NORTHERN OIL AND GAS, INC.
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
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," "anticipate," "target," "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.