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Northern Oil and Gas, Inc. Continues to Reduce Fixed Charges

MINNEAPOLIS–(BUSINESS WIRE)–Northern Oil and Gas, Inc. (NYSE American: NOG) today announced that it
has entered into an additional independent, separately negotiated
exchange agreement with an institutional holder (the “Investor”) of its
8% senior unsecured notes due 2020 (the “Notes”). The agreement
represents a debt reduction of $9,943,000 par value of Notes. Through
this and other recently announced exchanges, Northern has now entered
into agreements to retire $63,700,000 of its remaining Notes,
permanently reducing interest expenses by $5,096,000 on an annual basis.

In this exchange for the Notes, Northern will issue 3,057,559 million
shares of common stock to the Investor. In exchange for certain
guarantees, the Investor has agreed to an approximately nine month
lock-up period, subject to certain exceptions.

MANAGEMENT COMMENT

“As we have stated in prior releases, given the strong backlog of
opportunities in the Williston Basin, liability management is critical
to enhancing our competitive advantage,” said Nick O’Grady, Northern’s
Chief Financial Officer. “With our lean, scalable cost structure and now
further enhanced balance sheet, Northern shares offer investors strong
organic growth, low debt, and upside from future potential accretive
acquisitions.”

This announcement is neither an offer to exchange nor a solicitation of
an offer to exchange any securities. The exchange is exempt from
registration under Section 3(a)(9) of the Securities Act of 1933.

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 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 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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Contacts

Northern Oil and Gas, Inc.
Nicholas O’Grady, 952-476-9800
Chief
Financial Officer
[email protected]