Northern Oil and Gas, Inc. (NYSE American: NOG) (the "Company" or "Northern") today reported that Bahram Akradi, the Non-Executive Chairman of Northern's Board of Directors, has sold 260,000 shares of Northern common stock. The sale has also been disclosed on a Form 4 filing made with the Securities and Exchange Commission.
Mr. Akradi advised the Company that his decision to sell was required for tax purposes and generated almost $10 million in tax loss, and that he does not currently anticipate additional sales. The shares sold represent just 0.6% of Northern's outstanding common stock and only 13% of Mr. Akradi's beneficial holdings in Northern.
"I remain a committed long-term investor in Northern, and I remain confident in our differentiated and advantageous business model," commented Mr. Akradi. "While these sales were necessary for me personally, I have the utmost faith in our multi-year plan to create value and the continued growth of our free cash flow focused business."
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, 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.
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