Northern Oil and Gas, Inc. Provides First Quarter Update and Increases 2018 Production Guidance

MINNEAPOLIS–(BUSINESS WIRE)–Northern Oil and Gas, Inc. (NYSE American: NOG) today announced first
quarter 2018 production estimate and increased full year 2018 production
guidance.

HIGHLIGHTS

• Expecting first quarter 2018 average daily production to increase by
  5% to 6% over fourth quarter 2017, a sequential increase of nearly
  1,000 barrels of oil equivalent per day
• Raising full year 2018 production guidance; now expecting average
  daily production to increase by 18% to 22% over 2017, compared to
  prior guidance indicating a 16% to 20% increase
• Northern added a total of 3.6 net wells to production in January and
  February; continues to expect to add between 20 and 22 net wells to
  production during 2018

MANAGEMENT COMMENT

“The momentum of 2017 has extended into the first few months of 2018,
resulting in increased first quarter production and higher expectations
for 2018,” commented Northern’s Interim President, Brandon Elliott. “Net
well additions during the quarter are running ahead of our expectations,
resulting in production ramping more quickly than we had planned. While
we still expect to add between 20 and 22 net wells to production this
year we are clearly off to a strong start to 2018.”

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.

The Company has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission (the “SEC”) for the offering
to which this communication relates. Before you invest, you should read
the base prospectus in that registration statement, the prospectus
supplement when available, and other documents the Company has filed
with the SEC for more complete information about the issuer and this
offering. You may get these documents for free by visiting EDGAR on the
SEC Web site at www.sec.gov.
Alternatively, the Company, any underwriter or any dealer participating
in the offering will arrange to send you the base prospectus or, when
available, the prospectus supplement if you request it by contacting
Stifel, Nicolaus &Company, Incorporated, Attention: Syndicate
Department, One South Street, 15th Floor, Baltimore, MD 21202,
telephone: (855) 300-7136, email: [email protected].

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 of 1933 (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 estimated results for the three months ended March
31, 2018, 2018 production guidance, 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: the
finalization of Northern’s financial statements for the quarter ended
March 31, 2018, which could impact the estimated results presented
herein, Northern’s ability to successfully complete the proposed
exchange with the holders of its senior notes, including satisfying the
conditions to such exchange, Northern’s ability to raise or access
capital, including as a condition to any transaction with the holders of
its senior notes, 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, 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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Contacts

Northern Oil and Gas, Inc.
Brandon Elliott, CFA, 952-476-9800
Interim
President
[email protected]