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Northern Oil and Gas, Inc. Provides Operations and Increased Drilling Activity Update

WAYZATA, Minn., April 12 /PRNewswire-FirstCall/ -- Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) ("Northern Oil") today provided an operations update related to drilling and completion activity in the Williston Basin Bakken and Three Forks play. In connection with this operations update, Northern Oil also provided information regarding its preliminary financial results for first quarter 2010.

2010 DRILLING ACTIVITY

Since January 1, 2010, Northern Oil has spud 5.15 net wells. Of those wells, 1.76 net wells are currently drilling but have not reached total depth and 2.05 net wells have been drilled to total depth and are awaiting fracture stimulation to commence production. This high number of wells awaiting completion was caused by longer time delays from completion of drilling to commencement of oil sales, primarily due to the seasonal backlog of fracture stimulations that typically occurs in early spring as a result of reduced completion activities during the coldest months in North Dakota.

Northern Oil now expects to spud up to 18 net wells in 2010, which represents an increase from previous guidance of 15 net wells. We believe the increase in expected wells is based upon the increasing rig count, which is now at an all-time high of 108 drillings rigs in the North Dakota Bakken play. Northern Oil's Chief Executive Officer, Michael Reger, commented "The pace of drilling in the Bakken and Three Forks plays continues to increase. Given recent announcements by key operators in the plays, we expect 2010 drilling to increase by up to 20% to a total of 18 net Bakken and Three Forks wells."

FIRST QUARTER 2010 PRODUCTION AND PRELIMINARY FINANCIAL RESULTS

Northern Oil's first quarter 2010 production increased approximately 10% and oil and gas sales increased approximately 20% compared to fourth quarter 2009. First quarter 2010 production approximated 125,000 barrels of oil equivalent ("BOE"), an increase from 114,000 BOE in fourth quarter 2009. First quarter 2010 oil and gas sales were approximately $8.4 million, an increase of approximately 20% from fourth quarter 2009 oil and gas sales of $6,965,622. First quarter 2010 net earnings are expected to be approximately $0.03 per outstanding share.

COMPLETION ACTIVITY

Northern Oil has experienced significant delays in fracture stimulation appointments for wells across all operators with whom we participate. We believe this trend has been driven primarily by seasonal issues and increased costs of completing during the coldest winter months. Additionally, Northern Oil believes there has been some constraint in moving fracture stimulation supplies, such as frac sand, into the field due to seasonal conditions. Northern Oil expects that for the next quarter delay between fracture stimulation and completion may average as much as six weeks. This is not affecting the pace of drilling and we continue to see wells drilled to total depth at an accelerated pace. However, delays in fracture stimulation have the effect of delaying production additions.

RECENT COMPLETION HIGHLIGHTS

Northern Oil continues to believe that early 24 hour rates are not useful in determining the economics of a well. Northern Oil is focused on well payout, which, in our core Slawson Exploration drilling program, we expect to occur four months on average following commencement of production. As previously guided, Northern Oil will begin to report well flow rates as far out as 60 days, when available.

The following table outlines well completions as of April 11, 2010.

      
      WELL NAME       OPERATOR     NOG WI     COUNTY/STATE

      STALLION         SLAWSON
       #1-1-12H      EXPLORATION     23.00%  MOUNTRAIL, ND
       ZEPHYR          SLAWSON
        #1-36H       EXPLORATION      4.00%  MOUNTRAIL, ND
       RIPPER          SLAWSON
        #1-22H       EXPLORATION      2.00%  MOUNTRAIL, ND
       LIFFRIG
     #29-20 1-H        BRIGHAM
         TFS         EXPLORATION      6.25%  MOUNTRAIL, ND
                       SLAWSON
    MINX #1-29H      EXPLORATION     22.00%  MOUNTRAIL, ND
                       SLAWSON
     FOX #1-28H      EXPLORATION      4.50%  MOUNTRAIL, ND
      VAN HOOK
       #100-15H
         TFS       EOG RESOURCES     10.00%  MOUNTRAIL, ND
                     CONTINENTAL
    KATE #1-19H       RESOURCES      12.31%     DUNN, ND
                     CONTINENTAL
    NORMAN #1-9H      RESOURCES       5.50%   MCKENZIE, ND
       BAZOOKA         SLAWSON
        #1-20H       EXPLORATION      2.74%  MOUNTRAIL, ND
      HOWITZER         SLAWSON
        #1-25H       EXPLORATION      4.00%  MOUNTRAIL, ND
       WIZARD          SLAWSON
        #1-35H       EXPLORATION      4.50%  MOUNTRAIL, ND
      MACHETE         SLAWSON
        #1-19H       EXPLORATION     17.18%  MOUNTRAIL, ND
       COUGAR
       FEDERAL         SLAWSON
        #1-30H       EXPLORATION      3.81%  MOUNTRAIL, ND
       EDWARDS
     #5992 44-10  OASIS PETROLEUM    21.00%    BURKE, ND
      HIGHLAND      SINCLAIR OIL
        #1-9H          AND GAS       62.50%  MOUNTRAIL, ND
                     CONTINENTAL
    ARVID #2-34H      RESOURCES       5.00%    DIVIDE, ND


                                         INITIAL    DAYS USED
                               FRAC    PRODUCTION   TO COMPUTE    AVG.
      WELL NAME   SPACING    STAGES       BOEPD     AVG. BOEPD   BOEPD

      STALLION
       #1-1-12H      1,280        36        2,735           57    1,153
       ZEPHYR
        #1-36H         640        18        1,637           30      971
       RIPPER
        #1-22H         640        18        2,369           20      975
    LIFFRIG
     #29-20 1-H
     TFS             1,280        30        2,477            -        -

    MINX #1-29H        640        18        1,475           60      544
     FOX #1-28H        640        18        1,819           30      915
      VAN HOOK
       #100-15H
         TFS           640        20        1,585           48      858
    KATE #1-19H      1,262        22        1,503            -        -
    NORMAN #1-9H     1,280        18        1,366            -        -
       BAZOOKA
        #1-20H         640        18        1,290           30      750
      HOWITZER
        #1-25H         640        18        1,156           60      564
       WIZARD
        #1-35H         640        18        1,050            7      873
       MACHETE
        #1-19H         640        22          750           20    1,019
       COUGAR
       FEDERAL
        #1-30H         640        18          718           20    1,118
       EDWARDS
     #5992 44-10     1,280        28          612            -        -
      HIGHLAND
        #1-9H          640        12          564            -        -
    ARVID #2-34H     1,280        18          407            -        -



CURRENT DRILLING ACTIVITY

The following table illustrates the wells in which Northern Oil has participated that are drilling or are awaiting completion and have experienced completion delays due to seasonal conditions as of April 11, 2010. Northern is currently drilling or completing 3.81 net wells.


        WELL NAME       OPERATOR  NOG WI   COUNTY/STATE   STATUS   FORMATION
                                                                      THREE
      ALLIE 31X-24     XTO ENERGY    7.79% WILLIAMS, ND COMPLETING    FORKS
    ATLANTIS FEDERAL                        MOUNTRAIL,
        #1-34-35H       SLAWSON      1.41%       ND     COMPLETING   BAKKEN
                      EXPLORATION
     ABELMANN-STATE
        #21-16 #1H      BRIGHAM      2.73% MCKENZIE, ND  DRILLING    BAKKEN
                      EXPLORATION
                                            MOUNTRAIL,
      BADGER #1-9H      SLAWSON     28.38%       ND      DRILLING    BAKKEN
                      EXPLORATION
    BARENTHSEN #6059
          44-5H          OASIS      14.30%   BURKE, ND   DRILLING    BAKKEN
                       PETROLEUM
    BROCKMEIER #1-1H  CONTINENTAL    6.02% MCKENZIE, ND COMPLETING   BAKKEN
                       RESOURCES
                                            MOUNTRAIL,
      BURKE #4-06H        EOG        2.47%       ND     COMPLETING   BAKKEN
                       RESOURCES
       CANNONBALL
         FEDERAL                            MOUNTRAIL,
        #1-27-34H       SLAWSON      0.55%       ND     COMPLETING   BAKKEN
                      EXPLORATION
       CLEARWATER                           MOUNTRAIL,
         #17-01H          EOG        1.82%       ND     COMPLETING   BAKKEN
                       RESOURCES
    CVANCARA #19-18
           #1-H         BRIGHAM      3.16% WILLIAMS, ND COMPLETING   BAKKEN
                      EXPLORATION
        DAKOTA-3
      BRUNSELL #16-                         MOUNTRAIL,
            9H          ZENERGY      1.13%       ND      DRILLING    BAKKEN
      DAKOTA -3 VAN
         HOOK R/S                           MOUNTRAIL,
          #16-4H        ZENERGY      1.69%       ND      DRILLING    BAKKEN
     EN-SKABO TRUST
         #155-93-                           MOUNTRAIL,                 DUAL
         0631H-1       HESS CORP.    6.56%       ND      DRILLING    LATERAL
                                            MOUNTRAIL,
    FERTILE #16-20H       EOG        1.25%       ND     COMPLETING   BAKKEN
                        RESOURCES
                                            MOUNTRAIL,
    FERTILE #18-30H       EOG        0.64%       ND     COMPLETING   BAKKEN
                       RESOURCES
                                            MOUNTRAIL,
    FERTILE #34-31H       EOG       10.39%       ND     COMPLETING   BAKKEN
                       RESOURCES
     GILLUND #1-32H   CONTINENTAL    9.62%  DIVIDE, ND   DRILLING    BAKKEN
                       RESOURCES
      GLADYS #2-9H      NEWFIELD     2.60% MCKENZIE, ND  DRILLING    BAKKEN
                      EXPLORATION
     HANSON #11-12H      ENCORE      1.05%   DUNN, ND    DRILLING    BAKKEN
                       OPERATING
                                                                      THREE
     HM HOVE 34X-33       XTO       15.64% WILLIAMS, ND COMPLETING    FORKS
                         ENERGY
       HYNEK #5693                          MOUNTRAIL,
          42-35H         OASIS       6.39%       ND     COMPLETING   BAKKEN
                       PETROLEUM
                                            MOUNTRAIL,                THREE
      JERICHO #2-5H     SLAWSON     42.36%       ND      DRILLING     FORKS
                      EXPLORATION
    JUGHEAD FEDERAL                         MOUNTRAIL,
          #1-26H        SLAWSON      2.81%       ND     COMPLETING   BAKKEN
                      EXPLORATION
                                                                      THREE
    KERBAUGH 31X-04    XTO ENERGY    6.51% WILLIAMS, ND COMPLETING    FORKS
     LAZY DE #34-7H  MARATHON OIL    4.54%   DUNN, ND   COMPLETING   BAKKEN
                        COMPANY
                                            MOUNTRAIL,
     LIBERTY #6-25H       EOG       11.88%       ND     COMPLETING   BAKKEN
                       RESOURCES
     LUNKER FEDERAL                         MOUNTRAIL,
         #1-33-4H       SLAWSON      6.40%       ND     COMPLETING   BAKKEN
                      EXPLORATION
                                            ROOSEVELT,
      MAYHEM #1-19H     SLAWSON     30.00%       MT     COMPLETING   BAKKEN
                      EXPLORATION
                                            MOUNTRAIL,                THREE
       MCD #11-29H      FIDELITY     2.08%       ND      DRILLING     FORKS
                      EXPLORATION
     MEAGHER #16-30      KODIAK      7.46% SHERIDAN, MT  DRILLING  RED RIVER
                       OIL & GAS
                                            MOUNTRAIL,
     MEIERS #44-25H     WHITING      1.46%       ND      DRILLING    BAKKEN
                       OIL & GAS
                                                                      THREE
    MELGAARD #1-14H   CONTINENTAL   15.82%  DIVIDE, ND   DRILLING     FORKS
                       RESOURCES
       MESA VERDE
         #24-22H       BURLINGTON    0.73% MCKENZIE, ND  DRILLING    BAKKEN
                       RESOURCES
                                            MOUNTRAIL,
      ROHDE #43-1H      WHITING     10.26%       ND     COMPLETING   BAKKEN
                       OIL & GAS
    RS-NELSON FARMS
        A-156-90-                           MOUNTRAIL,                 DUAL
         2829H-1       HESS CORP.    1.55%       ND      DRILLING    LATERAL
      RS-JOHNSON A-
      157-90-2128H-                         MOUNTRAIL,                 DUAL
            1          HESS CORP.   19.88%       ND      DRILLING    LATERAL
    RS-RUDOLPH 157-                         MOUNTRAIL,                 DUAL
        90-1708H-1     HESS CORP.    8.85%       ND      DRILLING    LATERAL
      SAETZ #14-20H     MARATHON     2.45%   DUNN, ND   COMPLETING   BAKKEN
                      OIL COMPANY
     SCHILKE #8-24H       PEAK       5.24% MCKENZIE, ND  DRILLING    BAKKEN
                      GRASSLANDS,
                          LLC.
                                            MOUNTRAIL,
     SIDONIA #7-25H       EOG       10.00%       ND     COMPLETING   BAKKEN
                       RESOURCES
                                            MOUNTRAIL,
     SIDONIA #8-26H       EOG        5.00%       ND     COMPLETING   BAKKEN
                       RESOURCES
                                            MOUNTRAIL,
    SIDONIA #13-08H       EOG        2.03%       ND      DRILLING    BAKKEN
                       RESOURCES
                                            MOUNTRAIL,
    SIDONIA #29-34H       EOG        4.22%       ND     COMPLETING   BAKKEN
                        RESOURCES
                                            MOUNTRAIL,
    SIDONIA #33-33H       EOG        2.71%       ND     COMPLETING   BAKKEN
                        RESOURCES
                                            MOUNTRAIL,
    SIDONIA #34-31H       EOG        2.16%       ND     COMPLETING   BAKKEN
                       RESOURCES
     SNIPER FEDERAL                         MOUNTRAIL,
         #1-6-7H        SLAWSON     21.41%       ND     COMPLETING   BAKKEN
                      EXPLORATION
       SUMMERFIELD
         #15-15H        AMERICAN     5.10%   DUNN, ND   COMPLETING   BAKKEN
                       OIL & GAS
                                            MOUNTRAIL,
      TOMCAT #1-2H      SLAWSON      2.50%       ND     COMPLETING   BAKKEN
                      EXPLORATION
                                            MOUNTRAIL,
    WHIRLWIND #1-31H    SLAWSON     19.74%       ND     COMPLETING   BAKKEN
                      EXPLORATION


ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend 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 our 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 report regarding our financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "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 our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our 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 our control.

    CONTACT:
    Investor Relations
    772-219-7525

SOURCE Northern Oil and Gas, Inc.

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