New Issue: Northern Oil and Gas wraps $15 million private placement of shares and warrants

By LLuvia Mares

New York, Sept. 12 - Northern Oil and Gas, Inc. wrapped up a $15 million private placement of shares and warrants.

The company sold 4,545,455 shares at $3.30 per share to a group of accredited investors.

A one-half share warrant to purchase common stock at $5.00 per share for 18 months from the date of closing was also attached to each share sold in the transaction.

For each share bought, investors will also have the right to purchase one-half share of common stock at $6.00 per share for 48 months from closing date.

FIG Partners, LLC Energy Research & Capital Group is the placement agent.

Proceeds will be used for continued acreage acquisitions in the Williston Basin, the Appalachia Basin, Northern's exploration and development program and general corporate purposes.

Wayzata, Minn.-based Northern Oil and Gas is an exploration and production company.

Issuer: Northern Oil and Gas, Inc.

Issue: Stock

Amount: $15 million

Shares: 4,545,455

Price: $3.30

Warrants: One half-share warrant

Warrant expiration: 18 months and 48 months

Warrant strike price: $5.00 and $6.00

Placement agent: FIG Partners, LLC Energy Research & Capital Group

Settlement date: Sept. 11

Stock symbol: OTCBB: NOGS

Stock price: $5.20 at close Sept. 11

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