Northern Oil and Gas, Inc. Announces Additional Debt Reduction Transactions
January 17 2020 - 8:00AM
Business Wire
Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”)
today announced that it has entered into two separate agreements
with institutional holders of its 8.5% Senior Secured Second Lien
Notes due 2023 (the “Notes”) whereby Northern will repurchase and
retire $50.8 million in aggregate principal amount of Notes in
exchange for 549,940 shares of its 6.5% Series A Perpetual
Cumulative Convertible Preferred Stock (the “Preferred Stock”).
Upon closing of these transactions, Northern will have $341 million
in principal amount of Notes outstanding.
The Preferred Stock will not be and has not been registered
under the Securities Act of 1933, as amended (the “Securities
Act”), or any other securities laws and may not be offered or sold
in the United States absent registration or an applicable exemption
from registration requirements.
This press release is for informational purposes only and does
not constitute an offer to exchange nor a solicitation of an offer
to exchange any securities nor shall there be any exchange of any
security in any jurisdiction in which such an offer, solicitation
or exchange would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production
company 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.
SAFE HARBOR
This press release contains forward-looking statements regarding
future events and future results that are subject to the safe
harbors created under the Securities Act and the Securities
Exchange Act of 1934 (the “Exchange Act”). All statements other
than statements of historical facts included in this release
regarding Northern’s financial position, business strategy, plans
and objectives of management for future operations, industry
conditions, and indebtedness covenant compliance are
forward-looking statements. When used in this release,
forward-looking statements are generally accompanied by terms or
phrases such as “estimate,” “project,” “predict,” “believe,”
“expect,” “continue,” “anticipate,” “target,” “could,” “plan,”
“intend,” “seek,” “goal,” “will,” “should,” “may” or other words
and similar expressions that convey the uncertainty of future
events or outcomes. Items contemplating or making assumptions about
actual or potential future sales, market size, collaborations, and
trends or operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond
Northern’s control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the following: changes in crude oil and natural gas
prices, the pace of drilling and completions activity on Northern’s
properties, Northern’s ability to acquire additional development
opportunities, changes in Northern’s reserves estimates or the
value thereof, general economic or industry conditions, nationally
and/or in the communities in which Northern conducts business,
changes in the interest rate environment, legislation or regulatory
requirements, conditions of the securities markets, Northern’s
ability to raise or access capital, changes in accounting
principles, policies or guidelines, financial or political
instability, acts of war or terrorism, and other economic,
competitive, governmental, regulatory and technical factors
affecting Northern’s operations, products, services and prices.
Northern has based these forward-looking statements on its
current expectations and assumptions about future events. While
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond Northern’s control. Northern does not undertake
any duty to update or revise any forward-looking statements, except
as may be required by the federal securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20200117005076/en/
Mike Kelly, CFA EVP, Finance (952) 476-9800
ir@northernoil.com
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