Northern Oil & Gas Reports Bakken Asset Purchase

According to Canaccord Adams energy analyst Derrick Whitfield, Northern Oil & Gas will acquire approximately 18,200 net acres in the Bakken
play. The acreage split is approximately 16,000 net acres in the Bakken fairway (Mountrail, Williams, McKenzie, and Roosevelt Counties) and 2,220 net acres in areas surrounding the Elm Coulee field.

The announcement was made by the company on December 2 at the Canaccord Adams Global Energy Conference.

Regarding the acquisition, Mr. Whitfield, said, "We believe that Northern Oil's core competency is its lease acquisition expertise. Based on these transactions, we continue to stand behind our belief. In our estimate, these acquisitions are accretive on a break-up value basis."

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