This is a very good sign. Wells Fargo and the other big banks have very good engineers that take hard looks at each company's assets before they approve credit lines of this size. I was the CFO of Hess Corp.'s E&P Division based in Houston for several years and I had the "pleasure" of working with bankers, auditors and 3rd party engineering firms. This is a Big Money industry. Having access to capital is essential to growth.
NOG is an aggressive growth company. I should finish my work on the updated profile tomorrow.
----------------------------------
MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the completion of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility. The borrowing base under the facility was increased from $1.3 billion to $1.6 billion, and NOG has chosen to increase the elected commitment amount from $850.0 million to $1.0 billion. Wells Fargo Bank, as administrative agent, and the syndicate of 14 lenders unanimously approved the increases on November 10, 2022.
ABOUT NOG
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 Northern Oil and Gas, Inc. can be found at www.northernoil.com.
Northern Oil & Gas (NOG) Update - Nov 11
Northern Oil & Gas (NOG) Update - Nov 11
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group