Northern Oil & Gas (NOG) Update - Dec 12

[dan_s]

NOG Enters into Appalachian Joint Development Program < This is what I call a "Drill to earn JV".

HIGHLIGHTS

> Joint development program with existing undisclosed Appalachian operator. NOG capital commitment not expected to
exceed $160 million, for a 15% working interest at an average net revenue interest of 84% in the program
> Program to cover operator’s Appalachia drilling activities in calendar year 2025
> Adds accretive natural gas development in Appalachia with strong visibility and surety of development

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today
announced that it has entered a Joint Development Program with one of Appalachia’s most capital efficient
operators. The program, which covers drilling activities in calendar year 2025, requires a capital commitment from
NOG expected not to exceed $160 million for a 15% working interest.

The program provides for participation in Appalachia wells to be spud during 2025 and offers NOG a high degree of
visibility and incremental certainty on its 2025 ground game program while adding to its gas inventory.

MANAGEMENT COMMENTS
“NOG’s ability to offer creative and scaled capital solutions that align with the objectives of our operating partners
continues to provide the company with accretive opportunities,” commented Nick O’Grady, NOG’s Chief Executive
Officer. “This joint venture deepens our relationship with a substantial operating partner. We believe that our
unique market position and strategy enhances our ability to deliver a superior total return option to our
stakeholders.”

ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working
and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More
information about NOG can be found at www.noginc.com.