Northern Oil and Gas cuts revolver balance by $73 million during Q2

By Wendy Van Sickle

Columbus, Ohio, May 18 – Northern Oil and Gas, Inc. reduced the outstanding balance on its revolving credit facility to $517 million as of Monday from $590 million at the end of its first quarter, according to a press release.

Additionally, the company said it entered into an agreement to retire an additional $15.6 million of 8½% senior secured notes at a discount to their par value.

Upon closing of this and other recent transactions, the outstanding principal amount of the notes will be reduced to $305.8 million, which is a total reduction of $111.9 million since Dec. 31.

Northern Oil is a Minneapolis-based oil and gas exploration and production company focused on the Williston Basin Bakken and Three Forks play in North Dakota and Montana.

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