Energy Prospectus

NOG Announces Uplisting to the New York Stock Exchange
February 14, 2022 6:30am EST

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company” or “NOG”) announced today that the New York Stock Exchange (“NYSE”) has approved the transfer of the listing of the Company’s common stock from the NYSE American to the NYSE.

Effective at the opening of trading on February 17, 2022, the common stock of the Company will cease trading on the NYSE American and will commence trading on the NYSE, remaining under the symbol “NOG.”

MANAGEMENT COMMENT

“Uplisting to the NYSE marks a significant milestone in our transformation of the company over the past several years,” said Chad Allen, NOG’s Chief Financial Officer. “The NYSE is a premiere worldwide market, one that provides a broader platform and services for companies that are able to meet their most selective criteria. This new listing matches our ambitions of becoming a diversified, low-leverage, free cash flow and dividend paying entity.”

ABOUT NORTHERN OIL AND GAS

NOG 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 premier basins within the United States. More information about NOG can be found at www.northernoil.com.

Stifel's take:

Oil & Gas Exploration and Production
Updating estimates for CLR and NOG - Derrick Whitfield

We are updating our CLR model for the company's quarterly dividend increase (announced Feb. 9) and our NOG model for the company's quarterly dividend increase (announced Feb. 1) and the closing of the Veritas transaction (announced Jan. 31). We reiterate our Buy rating and 12-month target price for both names.

Continental Resources, Inc. (CLR):
We are updating our model for the company's announced quarterly dividend increase to $0.23/share (15% increase), which equates to a
1.5% annualized yield. We reiterate our Buy rating and 12-month target price of $72/share.

In our view, Continental Resources offers investors unmatched core exposure across the Williston, Anadarko, Delaware and Powder River
Basins. Of greatest importance, CLR is one of few stocks within our diversified large-cap coverage that offers investors exposure to lowcost
oil and natural gas both within and outside of the Permian. In particular, we believe the stock offers the greatest exposure to the Williston
Basin across our large-cap universe and note the market’s shift to returns over growth and resource depth positions the Williston as the
premier basin for capital efficiency and free cash flow generation. From a fundamental perspective, CLR offers investors best-in-class DAPPS
(70% versus a peer average of 19%), an above-average FCF yield (20% versus a peer average of 16%) and unhedged exposure to oil
prices through 2023.

Northern Oil and Gas, Inc. (NOG):
We are updating our model for the company's announced Q122 quarterly dividend of $0.14/share (17% above management's previous plan)
and for the closing of the Veritas transaction (one month earlier than we previously modeled). We reiterate our Buy rating and 12-month
target price of $27/share.
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My current valuations are $72 for CLR and $44 for NOG.
In addition to NOG's commitment to steadily increase their quarterly dividends, the company is going to announce a nice ~3,500 Boepd increase in their production from Q3 to Q4 2021, plus an additional production increase of ~7,000 Boepd is expected for Q1 2022.

TipRanks: "On January 26, 2022 Truist analyst Neal Dingmann raised the firm's price target on Northern Oil and Gas to $45 from $42 and keeps a Buy rating on the shares. The company could be "one of the best" free cash flow stories under his coverage, potentially generating free cash flow yield of about 30% this year, the analyst tells investors in a research note. This should help the company easily achieve its recent plan of a 20% quarterly base dividend growth through 2023, Dingmann adds."