Past year: ▲ 9%(18.15 – 29.23 USD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2018capital raising announcement▲ GoodMajor
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.
20 July 2018capital raising announcement▲ GoodMajor
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.
9 July 2018auditor change● Neutral
With its restructuring into a Delaware corporation complete, Northern Oil & Gas brought in Deloitte & Touche as its auditor for fiscal 2018.
26 June 2018capital raising announcement● Neutral
Northern Oil and Gas exchanged a further $10 million of its 8.00% 2020 notes for stock, continuing to retire the balance not captured by the main restructuring.
20 June 2018capital raising announcement● Neutral
Northern Oil and Gas exchanged another $22.8 million of its 8.00% 2020 notes for stock across two more noteholder agreements.
13 June 2018capital raising announcement● Neutral
Northern Oil and Gas kept mopping up its remaining 8.00% 2020 notes, agreeing to exchange another $21 million of them for stock with two more noteholders outside the main restructuring.
30 May 2018business combination● Neutral
This is a post-effective amendment recording that the move is done, not pending: Northern Oil and Gas filed its articles of conversion on 9 May 2018 and now exists as a Delaware corporation, and the Delaware company formally adopts the existing registration statement as its own under Rule 414(d). No securities are registered by it and the prospectuses are unchanged; the business, assets, liabilities, locations, fiscal year and board all carried over intact.
18 May 2018capital raising announcement▲ GoodMajor
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.
16 May 2018business combination● NeutralMajor
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.
4 Apr 2018material agreement▼ BadMajor
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.
21 Mar 2018material agreement● Neutral
Northern Oil & Gas and its noteholders fine-tuned the terms of the pending debt-for-equity swap, updating the new notes' terms and adding a clause that keeps noteholders and new equity buyers on equal footing on stock lock-ups.
19 Mar 2018capital raising announcement● Neutral
As part of its early-2018 balance-sheet restructuring, Northern Oil and Gas added a further $12 million equity subscription (on top of an existing $40 million commitment), bringing expected proceeds from the restructuring's equity raise to $52 million.
19 Mar 2018debt financing▼ BadMajor
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.
