Northern Oil and Gas has announced third quarter net earnings of $871,819, or approximately $0.03 per share on revenue of $1,362,655. These results represent a 208% increase in earnings compared to the second quarter of 2008.
Revenue increased by approximately 80% compared to the second quarter of 2008 and general and administrative expenses were approximately 40% under previously announced budget. The Company has reduced general and administrative expenses for the second consecutive quarter this year, demonstrating a strong commitment to cost controls.
Michael Reger, Chief Executive Officer, commented, "We believe the power of our low-overhead model is apparent in our profit margins in the third quarter, despite falling commodity prices. We expect to continue to increase production at an accelerating pace throughout 2009 as we continue to expand our drilling program. It is important to note that at this point we have only developed approximately 2% of our entire Bakken acreage inventory; as such, we have significant opportunity remaining in our acreage position. We expect to continue to develop our acreage on pace with previously announced guidance. In addition, we believe our oil price hedges extending through 2008 at approximately $105 per barrel of oil will assure us continued price protection during this volatile market period."
Most Popular Articles
From the Career Center
Jobs that may interest you