Northern Oil and Gas (NYSE American: NOG) has closed an underwritten public offering of 14,375,000 shares of its common stock, including 1,875,000 additional shares per the full exercise of the over-allotment option granted to the underwriters. According to the update, Northern Oil and Gas secured approximately $140.2 million in gross proceeds, with each of the shares sold at the public offering price of $9.75. The company intends to use the proceeds to partially fund the cash purchase price of its recently announced pending acquisition of certain non-operated natural gas assets in the Appalachian Basin from Reliance Marcellus LLC (the “Reliance Acquisition”). However, if the Reliance Acquisition is not consummated, Northern Oil and Gas intends to use the proceeds to repay or redeem outstanding indebtedness and for general corporate purposes. ROTH Capital Partners acted as co-manager for the offering.
To view the full press release, visit https://ibn.fm/1C87a
About Northern Oil and Gas Inc.
Northern Oil and Gas is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil and gas properties, with a core area of focus in the premier basins within the United States. For more information about the company, visit www.NorthernOil.com.
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