Northern Oil and Gas Updates Operations: Eight New Bakken Discoveries, Ten Additional North Dakota Bakken and Three-Forks Wells Nearing Completion, 100+ Drilling Permits on[...]

WAYZATA, Minn., Sept. 11 /PRNewswire-FirstCall/ -- Northern Oil and Gas, Inc. (Amex: NOG) ("Northern Oil") today announced the company recently participated in the successful drilling and completion of an additional eight oil producing wells in the emerging Bakken trend of North Dakota. The eight wells began producing at an average initial rate of 768 BOPD.

-- The EN-Person-1102H-1 well, located in Mountrail County, ND was operated by Hess Corporation and posted an initial production rate of 950 BOPD. Northern holds a 12.5% working interest in the well.

-- The RS-Agribank-1102H-1 well, located in Mountrail County and operated by Hess Corporation posted an initial production rate of 450 BOPD. Northern holds a 7.5% working interest in the well.

-- The EN-Neset-0706H-1 well, located in Mountrail County and operated by Hess Corporation posted an initial production rate of 550 BOPD. Northern holds a 3.0% working interest in the well.

-- The Pathfinder 1-9H well, located in Mountrail County and operated by Slawson Exploration, posted an initial production rate of 1500 BOPD. Northern holds a 3.0% working interest in the well.

-- The Prowler 1-16H well, also located in Mountrail County and operated by Slawson Exploration, posted an initial production rate of 950 BOPD. Northern holds a 3.5% working interest in the well.

-- The Bonney 34-3H well, located in Dunn County and operated by Burlington Resources (Conoco), posted an initial production rate of 450 BOPD. Northern holds a 3% working interest in the well.

-- The Clive Pelton 34-23H well, located in Dunn County and operated by Marathon Oil Company, posted an initial production rate of 650 BOPD. Northern holds a 3% working interest in the well.

-- The Eckelberg 41-26H well, also located in Dunn County and operated by Marathon, posted an initial production rate of 650 BOPD. Northern holds a 1% working interest in the well.

"Northern continues to make significant progress with its operating partners as we continue to develop our North Dakota acreage position with solid results from the prolific Bakken trend," said Michael Reger, Northern Oil's Chief Executive Officer. "Our recent success in Mountrail and Dunn Counties helps confirm our belief that the North Dakota Bakken trend is present over the entirety of our acreage position. Our strategy to partner with multiple operators allows us to harvest value from our leasehold assets while spreading execution risk across many of the region's most experienced and successful operators."

With the eight recent completions, Northern holds working interest in 21 producing wells.

ADDITIONAL WELLS DRILLING AND COMPLETING

    Northern is also a working interest participant in an additional five
wells targeting the North Dakota Bakken trend and another five wells targeting
the Three Forks/Sanish plays. Given the recent success in the Three
Forks/Sanish from other operators in the region, Northern anticipates positive
results from this additional horizon.  The table below summarizes current
North Dakota drilling activity in which Northern is a working interest
participant.



     OPERATOR    WELL NAME   NOG WI   COUNTY   LOCATION   STATUS   OBJECTIVE

    CONTINENTAL   SHONNA
     RESOURCES    1-15H      15.00%   DIVIDE   15-161/95 DRILLING  THREE FORKS
    CONTINENTAL   ELVEIDA                                             THREE
     RESOURCES    1-33H      10.00%   DIVIDE   33-161/95 COMPLETING   FORKS
    CONTINENTAL   VIOLA
     RESOURCES    1-7H        7.50%   DIVIDE    7-160/95 DRILLING  THREE FORKS
    CONTINENTAL  SKACHENKO                                            THREE
     RESOURCES    1-31H       6.25%    DUNN    31-146/95 COMPLETING   FORKS
    CONTINENTAL   ARVID                                               THREE
     RESOURCES    1-34H       6.25%   DIVIDE   34-161/95 COMPLETING   FORKS
      EOG        WAYZETTA
       RESOURCES  1-13H       6.25%  MOUNTRAIL 13-153/90 COMPLETING  BAKKEN
      EOG         AUSTIN
       RESOURCES 19-30H       5.00%  MOUNTRAIL 30-154/90 DRILLING    BAKKEN
    MARATHON    MARK SANDSTROM
     OIL COMPANY 14-32H       5.00%    DUNN    32-151/93 DRILLING    BAKKEN
    MARATHON     STROMMEN
     OIL COMPANY  14-8H       3.00%    DUNN     8-145/94 COMPLETING  BAKKEN
      HESS      BL-BLANCHARD-
       CORPORATION 155-96     2.50%  MOUNTRAIL 15-155/96 COMPLETING  BAKKEN

"Northern's exposure to additional Bakken drilling as well as our recent entry into the Three Forks/Sanish trend with Continental Resources as one of our operating partners should help us meet our objective of exiting 2008 with production of approximately 1,100 BOPD," added Reger. "We are encouraged by the success of our accelerated drilling program and growing production profile."

LEASEHOLD ASSET EXPANSION

With recent leasehold acquisitions, Northern's acreage position in the North Dakota Bakken and Three Forks/Sanish plays has grown to approximately 65,000 net acres. "While much of the large acreage positions have been leased, Northern continues to have success acquiring additional leasehold assets through its long-term relationships with many North Dakota land professionals," said Reger. "Our ability to grow our acreage position adjacent to growing production and drilling activity has been a key to Northern's success. We continue to lease in the core areas of the original North Dakota Bakken trend and our leasehold interests have been included in over 100 drilling permits."

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish play where the Company controls approximately 65,000 net mineral acres. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

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, industry conditions, and indebtedness covenant compliance 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:
    Michael Reger
    CEO

    Ryan Gilbertson
    CFO

    Phone:  952-476-9800
    Fax:  952-476-9801
    www.NorthernOil.com

SOURCE Northern Oil and Gas, Inc.

Released September 11, 2008

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