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Friday 9 October 2026 · Oil, gas and mining explorers, from their own disclosures

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NORTHERN OIL & GAS, INC.

NYSE:NOG · 48 story beats from 2018 to 2026

What it holds, and what it is worth

1,195bcf gas

reserve · P90 1195.237 / P50 1195.237 / P10 1195.237

185mmbbl oil

reserve · P90 184.861 / P50 184.861 / P10 184.861

Valued at: NORTHERN OIL & GAS, INC. 100% of volumes already stated net
5 notes for review
  • company-reported total: valued at 100% (SEC reserves are already net to the company)
  • gas: no best estimate stated; P50 taken as 1195.24 from the low case
  • gas: high case not stated; set equal to P50
  • liquids: no best estimate stated; P50 taken as 184.861 from the low case
  • liquids: high case not stated; set equal to P50
50%
Probability of
1,380
mmbbl
100.0%
Value retained
$1,217,538,800.00
AUD

Leverage per instrument

NYSE:NOG
33%
$24.18 → $8.08

The story so far

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

2026106m shares · US$2.30bn market cap

  1. 1 June

    Northern Oil and Gas completed the Parallax acquisition, paying CA$237 million cash (funded by cash on hand, free cash flow and revolver borrowings) plus about 3.7 million shares - its first Canadian asset base, closing just months after the Utica Shale (Antero/Infinity) deal in February 2026.

    capital raising announcement

    106m shUS$2.30bn
  2. 26 May

    Northern Oil and Gas agreed to its first-ever acquisition outside the United States: Alberta, Canada oil and gas assets from Parallax Energy for CA$237 million cash plus CA$113 million in stock, with up to CA$25 million more contingent on WTI oil prices staying elevated through 2027 - continuing its acquire-non-operated-interests playbook into a new country.

    capital raising announcement

    106m shUS$2.87bn
  3. 24 Feb

    Northern Oil & Gas closed the Utica Shale acquisition with Infinity Natural Resources, but on revised terms: Northern's share was cut from 49% to 40% (about $480 million total) as Infinity took a larger 60% stake just before closing. Northern's borrowing base was raised to $1.975 billion in connection with the deal.

    asset acquisition disposition

    97.3m shUS$2.43bn

202597.6m shares · US$2.19bn market cap

  1. 8 Dec

    Northern Oil & Gas agreed to enter a fifth basin, partnering with Infinity Natural Resources to jointly buy Antero Resources' Utica Shale (Ohio) upstream and midstream assets for a combined $1.2 billion - Northern's planned 49% share coming to about $588 million.

    material agreement

    97.6m shUS$2.19bn
  2. 10 Nov

    Northern Oil & Gas fully replaced its credit facility again, extending the maturity to November 2030 while holding the borrowing base at $1.8 billion and lender commitments at $1.6 billion.

    debt financing

    97.6m shUS$2.16bn
  3. 1 Oct

    Northern Oil & Gas refinanced at a better rate, issuing $725 million of new 7.875% notes due 2033 - a lower coupon than its 2021 and 2023 notes - and using the proceeds to buy back $685 million of its higher-cost 8.125% 2028 notes.

    debt financing

    97.6m shUS$2.42bn

202499.8m shares · US$3.53bn market cap

  1. 2 Oct

    Northern Oil & Gas closed its 20% stake in the Uinta Basin assets alongside SM Energy for about $511.2 million, completing its entry into a fourth operating basin.

    asset acquisition disposition

    99.8m shUS$3.53bn
  2. 28 June

    Northern Oil & Gas moved into a fourth basin, agreeing to partner with SM Energy to buy XCL's Uinta Basin (Utah) oil and gas assets - Northern taking a 20% interest for about $510 million, extending its co-investment model beyond the Williston, Appalachian and Permian basins.

    material agreement

    101m shUS$3.76bn

202393.0m shares · US$3.66bn market cap

  1. 15 Aug

    Northern Oil & Gas closed its one-third share of the Novo Delaware Basin assets for about $468.4 million, with partner Earthstone Energy Holdings taking the rest.

    asset acquisition disposition

    93.0m shUS$3.66bn
  2. 4 Aug

    Ahead of closing the Novo deal, Wells Fargo agreed to raise Northern Oil & Gas's borrowing base to $1.8 billion. Separately, the company formally terminated its governance agreement with TRT Holdings and Robert Rowling entirely, ending a relationship dating back to the 2018 debt restructuring.

    debt financing

    93.0m shUS$3.66bn
  3. 16 June

    Northern Oil & Gas agreed to team up with Earthstone Energy Holdings again, this time to jointly buy Novo Oil & Gas's Delaware Basin (Permian) assets - Northern taking a one-third interest for about $500 million, continuing its now-familiar playbook of co-investing alongside an operating partner.

    material agreement

    85.4m shUS$2.55bn
  4. 19 May

    Northern Oil & Gas raised $500 million through new 8.75% senior notes due 2031, adding to its debt stack as it kept funding acquisitions across its growing basin footprint.

    debt financing

    85.4m shUS$2.83bn
  5. 9 Jan

    Northern Oil & Gas closed the MPDC Midland Basin deal, upsizing its stake in the Mascot project from 36.7% to nearly 40% and paying $320 million of a total $359.2 million price.

    asset acquisition disposition

    85.2m shUS$2.62bn

202277.9m shares · US$2.66bn market cap

  1. 14 Nov

    Wells Fargo raised Northern Oil & Gas's borrowing base again, to $1.6 billion from $1.3 billion, and the company sweetened the Veritas acquisition warrants by letting holders pay the exercise price in cash instead of only by surrendering shares.

    security holder rights change

    77.9m shUS$2.66bn
  2. 8 Nov

    Northern Oil and Gas mandatorily converted all of its remaining Series A Preferred Stock into common stock plus cash (1.64 million preferred shares into about 7.4 million common shares), eliminating preferred stock from its capital structure entirely and completing the deleveraging arc that began with the 2018 restructuring.

    capital raising announcement

    77.9m shUS$2.66bn
  3. 19 Oct

    Northern Oil & Gas agreed to buy into the Permian Basin again, this time a stake in MPDC's Midland Basin "Mascot" development project for $330 million.

    material agreement

    78.9m shUS$2.16bn
  4. 17 Oct

    Northern Oil and Gas raised $500 million through its first convertible senior notes offering (3.625% due 2029, upsized from a $435 million base deal on strong demand) - a new, lower-cost financing tool reflecting its improved credit standing four years after the 2018 restructuring.

    capital raising announcement

    78.9m shUS$2.16bn
  5. 8 June

    Reflecting its growth into a multi-basin producer, Northern Oil & Gas replaced its credit facility with a new $2.5 billion Wells Fargo-led agreement, an initial $1.3 billion borrowing base and $850 million in lender commitments - roughly double what it had just two years earlier.

    debt financing

    77.3m shUS$2.53bn
  6. 2 Mar

    NORTHERN OIL & GAS, INC.'s securities were notified for removal from listing and registration on its exchange.

    listing compliance notice

    77.3m shUS$1.94bn
  7. 14 Feb

    the exchange certified NORTHERN OIL & GAS, INC.'s securities for listing, clearing them to begin trading.

    listing compliance notice

    77.3m shUS$1.82bn
  8. 14 Feb

    Northern Oil & Gas's stock was approved to move up from the NYSE American to the main New York Stock Exchange board, a symbolic milestone in the company's turnaround from its 2018 debt restructuring to a larger, more diversified producer.

    listing compliance notice

    77.3m shUS$1.82bn
  9. 31 Jan

    Northern Oil & Gas expanded into a new basin, closing its purchase of Veritas's non-operated Permian Basin assets for $419.4 million cash plus warrants - joining its existing Williston Basin and new Appalachian gas positions and turning it into a genuinely multi-basin non-operator.

    asset acquisition disposition

    77.3m shUS$1.82bn

202166.2m shares · US$1.53bn market cap

  1. 16 Nov

    Northern Oil and Gas agreed to acquire Permian Basin assets from Veritas Resources for $406.5 million plus warrants on about 1.9 million shares (struck at $28.30) - its first entry into the Permian Basin and a major step in diversifying beyond the Williston Basin.

    capital raising announcement

    66.2m shUS$1.53bn
  2. 16 Nov

    Northern Oil & Gas closed the Comstock Oil & Gas purchase, paying $154 million cash for about 66 net producing Williston Basin wells across four North Dakota counties.

    asset acquisition disposition

    66.2m shUS$1.53bn
  3. 15 Nov

    Northern Oil & Gas closed the additional $200 million offering of its 8.125% 2028 notes, funding the pending Comstock Williston Basin acquisition.

    debt financing

    66.2m shUS$1.53bn
  4. 8 Nov

    To help pay for the pending Comstock acquisition, Northern Oil & Gas got lender approval to sell an additional $200 million of its 8.125% 2028 notes.

    material agreement

    66.2m shUS$1.53bn
  5. 3 Nov

    Wells Fargo raised Northern Oil & Gas's borrowing base again, to $850 million from $725 million, reflecting the growth from its 2021 acquisitions and the recovering commodity price environment.

    debt financing

    66.2m shUS$1.53bn
  6. 8 Oct

    Northern Oil & Gas agreed to buy more Williston Basin acreage, this time from Comstock Oil & Gas, for $154 million in cash.

    material agreement

    66.2m shUS$1.42bn
  7. 2 June

    As oil markets recovered from the 2020 crash, Wells Fargo raised Northern Oil & Gas's borrowing base back up to $725 million from $660 million.

    debt financing

    60.4m shUS$1.10bn
  8. 6 Apr

    Northern Oil & Gas closed its entry into Appalachian natural gas, taking its 70% share of the Reliance Marcellus assets (about 95 net producing wells, over 61,000 net acres in Pennsylvania) for roughly $121 million cash plus warrants, with partner Arch Investment Partners funding the remaining 30%.

    asset acquisition disposition

    60.4m shUS$729m
  9. 23 Feb

    To help fund the Reliance/Appalachia deal and refinance older debt, Northern Oil & Gas issued $550 million of new 8.125% senior notes due 2028.

    debt financing

    45.9m shUS$468m
  10. 3 Feb

    Northern Oil & Gas made a transformational move beyond its Williston Basin roots, agreeing to buy Appalachian natural gas assets (about 64,000 net acres in Pennsylvania, operated mostly by EQT) from Reliance Marcellus for $250 million gross - taking a 70% share itself ($175 million cash plus warrants) and bringing in Arch Investment Partners to fund the other 30% - turning the company into a diversified, multi-basin non-operator instead of a pure Bakken oil play.

    asset acquisition disposition

    45.9m shUS$468m

2020436m shares · US$367m market cap

  1. 13 July

    As the pandemic oil crash hit, Northern Oil & Gas's lenders (now led by Wells Fargo) cut its borrowing base to $660 million, versus $568 million already drawn, and tightened rules requiring excess cash to go toward paying down the facility - a squeeze consistent with what other non-investment-grade E&Ps faced in 2020.

    debt financing

    436m shUS$367m

2019406m shares · US$795m market cap

  1. 26 Nov

    Northern Oil and Gas launched a second round of balance-sheet cleanup: a tender offer to buy back up to $200 million of its expensive 8.50% second-lien notes, plus a new option for noteholders to convert into a newly created 6.50% Series A Perpetual Cumulative Convertible Preferred Stock. Backstop investors agreed to buy $42.1 million of the new preferred for cash and exchange $24.9 million more notes for it.

    capital raising announcement

    406m shUS$795m
  2. 22 Oct

    With debt built up from its 2018-2019 acquisition spree, Northern Oil & Gas launched a capital-structure cleanup: a $200 million cash tender for its 8.50% notes, an offer to swap up to $70.75 million more of those notes for new 6.5% convertible preferred stock, and lender commitments for a new revolving credit facility - all backstopped by a group of its own noteholders.

    material agreement

    404m shUS$793m
  3. 2 July

    Northern Oil & Gas made its biggest Williston Basin purchase yet, buying VEN Bakken's North Dakota assets (about 88 net producing wells, 18,000 net acres) for $170.1 million cash, 5.6 million shares, and a $130 million seller-financed note - continuing the string of Bakken bolt-ons that began with Pivotal and W Energy in 2018.

    asset acquisition disposition

    389m shUS$752m
  4. 22 Apr

    Northern Oil and Gas agreed to acquire Williston Basin assets from VEN Bakken (a Kayne Private Energy Income Funds portfolio company) for $165 million cash, 5.6 million shares, and a $130 million seller promissory note - its third major bolt-on acquisition of 2018-2019, this one partly seller-financed.

    capital raising announcement

    377m shUS$1.03bn

2018334m shares · US$1.34bn market cap

  1. 9 Oct

    Northern Oil & Gas completed the additional $350 million notes offering (bringing its 8.50% 2023 notes to roughly $694 million total) and, the same week, replaced its old TPG-led term loan structure with a new Royal Bank of Canada-led revolving credit facility - trading expensive distress-era financing for conventional bank credit now that its acquisitions and restructuring were done.

    debt financing

    334m shUS$1.34bn
  2. 1 Oct

    Northern Oil & Gas closed the larger of its two pending deals, buying W Energy's Williston Basin properties for about $114.8 million cash plus roughly 51.5 million shares - adding about 27 net producing wells and over 10,600 net acres in North Dakota, nearly double the scale of the Pivotal deal three weeks earlier.

    asset acquisition disposition

    334m shUS$1.34bn
  3. 25 Sept

    To help fund its acquisition spree, Northern Oil & Gas agreed to sell an additional $350 million of its 8.50% senior secured second lien notes due 2023 in a private placement arranged by RBC Capital Markets.

    material agreement

    297m shUS$1.02bn
  4. 19 Sept

    Ahead of a new bond offering, Northern Oil & Gas disclosed it also has a second Williston Basin acquisition pending - properties from WR Operating ("W Energy") expected to close by mid-October 2018 - and gave investors combined reserve figures: together, the Pivotal and W Energy deals would add about 115 million barrels of oil equivalent in proved reserves to the company's existing Williston Basin base.

    production update

    297m shUS$1.02bn
  5. 18 Sept

    Having cleaned up its balance sheet, Northern Oil & Gas went on offense: it closed its first acquisition since the restructuring, buying Williston Basin (North Dakota) oil and gas interests from Pivotal Petroleum Partners' affiliates for $60.6 million cash plus about 25.75 million shares, adding roughly 21 net producing wells and 444 net acres.

    asset acquisition disposition

    297m shUS$1.02bn
  6. 31 July

    Days after the Pivotal deal, Northern Oil and Gas agreed to a much larger Williston Basin acquisition from W Resources (WR Operating LLC) - $100 million cash plus 56.4 million shares - continuing its post-restructuring growth-by-acquisition strategy.

    capital raising announcement

    297m shUS$1.10bn
  7. 20 July

    Freshly recapitalized, Northern Oil and Gas agreed to acquire Williston Basin oil and gas assets from Pivotal Petroleum Partners for a combined $68.4 million cash plus about 25.75 million shares - its first bolt-on acquisition since the restructuring, funded partly with stock rather than more debt.

    capital raising announcement

    294m shUS$925m
  8. 18 May

    Northern Oil and Gas closed its 2018 restructuring: it exchanged $497 million (71%) of its 8.000% notes due 2020 for 103.2 million new shares plus $344.3 million of new 8.50% second-lien notes due 2023, and raised $52 million more by selling 34.7 million shares at $1.50 - a debt-for-equity swap that fixed the balance sheet after the 2015-2016 oil crash.

    capital raising announcement

    128m shUS$214m
  9. 16 May

    As part of completing its debt-for-equity restructuring, Northern Oil & Gas converted from a Minnesota corporation to a Delaware corporation and registered the new stock and notes going to its noteholders - the legal machinery finalizing the balance-sheet overhaul begun in January 2018.

    business combination

    128m shUS$214m
  10. 4 Apr

    Northern Oil & Gas lowered the bar for its rescue financing again, cutting the equity it needs to raise to complete the debt exchange from $156 million to $140 million and requiring it all in cash - a sign the original terms were proving hard to hit, even as the company pushed to get the restructuring done by mid-May 2018.

    material agreement

    65.9m shUS$131m
  11. 19 Mar

    Northern Oil & Gas, working through a debt overhaul after the 2015-2016 oil crash (its 2015-2017 filings show cumulative losses near $1.5 billion), got its term lender TPG to waive a prepayment requirement so it could raise new equity without immediately having to repay debt, as part of a plan to swap $497 million of notes (71% of its outstanding bonds) for stock and new lower-balance notes.

    debt financing

    66.8m shUS$138m