About Northern Oil and Gas

Northern Oil and Gas, Inc. operates as an independent energy company. The company engages in the acquisition, exploration, development, and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin and the Appalachian Basin. The company's principal business is crude oil and natural gas exploration, development, and production with operations in the United States. The company's primary strategy is investing in non-operated minority working and mineral interests in oil and gas properties, with a core area of focus in three premier basins within the United States. The company's primary focus is investing in non-operated minority working and mineral interests in oil and gas properties, with a core area of focus in three premier basins within the United States. As a non-operator, the company is able to diversify its investment exposure by participating in a large number of gross wells, as well as entering into additional project areas by partnering with numerous experienced operating partners or pursuing value enhancing acquisitions. The company seeks to create value through strategic acquisitions and partnering with operators who have significant experience in developing and producing hydrocarbons in its core areas. The company has more than 105 experienced operating partners that provide technical insights and opportunities for acquisitions. Across these operators, no single operator represented more than 20% of its fourth quarter 2023 oil and natural gas sales. The company's operating partners coordinate the transportation of its oil and gas production from its wells to appropriate pipelines or rail transport facilities pursuant to arrangements that they negotiate and maintain with various parties purchasing the production. The company understands that its partners generally sell its production to a variety of purchasers at prevailing market prices under separately negotiated short-term contracts. All of its wells in the Williston and Permian Basins are classified as oil wells, although they also produce natural gas and condensate. All of its wells in the Appalachian Basin are classified as natural gas wells. The company's operating partners include a variety of exploration and production companies, from large publicly-traded companies to small, privately-owned companies. Business Strategy The company's business strategy focuses on growing its reserves and production to create long-term value for its stakeholders. The key elements of the company's business strategy are to diversify its risk through non-operated participation in a large number of wells and multiple basins; and accelerate growth by pursuing value-enhancing acquisitions. The company has a rolling target of hedging 60% or more of its anticipated next 18-month production. Marketing and Customers The company's oil production is expected to be sold at prices tied to the spot oil markets. The company's natural gas production is expected to be sold under short-term contracts and priced based on first of the month index prices or on daily spot market prices. The company relies on its operating partners to market and sell its production. The company's operating partners include a variety of exploration and production companies, from large publicly-traded companies to small, privately-owned companies. Governmental Regulation and Environmental Matters Many of the activities of the company's third-party operating partners are covered under the National Environmental Policy Act. In addition, the company's third-party operating partners are required to report their GHG (greenhouse gas) emissions under the Clean Air Act rules.