Northern Oil & Gas Inc.
04/25/2007 | Press release | Archived content
Northern Oil and Gas, Inc. Announces Joint Venture With Brigham Exploration Company
MINNEAPOLIS, MN -- (MARKET WIRE) -- 04/25/07 -- Northern Oil and Gas, Inc. (OTCBB: NOGS) announced today that it has signed a joint venture agreement with Brigham Exploration Company (NASDAQ: BEXP) to further exploit and explore Northern Oil's 32,000 gross/26,000 net acres in the Williston Basin.
The Mountrail County, North Dakota acreage involved in the joint venture will provide potential step out and extensional drilling to the Parshall Field, a recent high producing Bakken discovery by EOG Resources. The Parshall Field contains North Dakota's highest producing Bakken wells, several of which have produced 1,800 barrels per day.
Brigham has committed to drill four wells in 2007. Two horizontal Middle Bakken wells will be drilled in Mountrail County, North Dakota and two conventional wells will be drilled in Sheridan County, Montana utilizing existing 3D seismic owned by Brigham. Brigham will also commence a continuous drilling program in 2008 and beyond under the agreement.
In a statement by Michael Reger, CEO of Northern Oil, "We are very excited to be working with Brigham. This joint venture gives Northern the ability to expeditiously develop our extensive leaseholds, while mitigating capital expenditure and leveraging our acreage into substantial working interest."
"Brigham, as well as being a very experienced operator, brings an enormous amount of scientific horsepower to Northern Oil's Williston Basin project. Their work with 3D seismic data has proven effective and profitable in the immediate area," he concluded.
More information may be found at www.northernoil.com.
About Northern Oil and Gas, Inc.
Northern Oil and Gas, Inc. is a Nevada corporation focused on drilling exploratory and developmental wells in the Rocky Mountain regions of the United States.
The primary focus of Northern Oil is the Middle Bakken formation in the Williston Basin. Northern Oil's secondary target is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.
Safe Harbor
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Contacts: Northern Oil and Gas, Inc. Michael Reger, CEO Ryan Gilbertson, CFO Phone: 952-476-9800 Fax: 952-476-9801 www.northernoil.com
Released April 25, 2007