• Total proved reserves as of June 30, 2021, increased 106% from year-end 2020 to 252.3 million barrels of oil equivalent (“MMBoe”), with an associated PV-10 value of $1.69 billion at SEC Pricing, 87% of which is proved developed
• Using Strip Pricing as of June 30, 2021, total PV-10 value was approximately $2.4 billion
• The midyear reserves exclude Northern's recently announced Permian acquisition expected to close in August
• SEC Pricing as of June 30, 2021, was $49.78 per barrel of oil and $2.428 per MMbtu of natural gas
• PDP PV-10 value alone exceeds Q1 2021 total debt by 1.5x and 2.0x at SEC Pricing and Strip Pricing, respectively
• Proved undeveloped reserves included 61.4 net drilling locations, reflecting an average of only 12.3 net organic wells per year over the five-year drill schedule limitation, compared to current guidance of 35.5-37.8 net wells that Northern expects to add to production during 2021

Northern Oil and Gas has announced its total proved reserves at June 30, 2021, increased 106% from year-end 2020 to 252.3 million barrels of oil equivalent with an associated PV-10 value of $1.69 billion at SEC Pricing. These amounts are calculated under SEC guidelines relating to both commodity price assumptions and a maximum five year drill schedule.

“This reserve report highlights the strength of Northern’s assets, as proved reserves grew 106% before any contribution from our Permian acquisition that is expected to close in August,” commented Northern’s EVP and Chief Engineer, Jim Evans. “As a non-operator, we book limited future PUD locations, and our reserve report does not take into account our active management and anticipated ground game activity. We believe this makes our reserve report significantly conservative relative to our development plan over the coming years. Despite this, at Strip Pricing, Northern’s proved PV-10 value alone exceeds our current enterprise value in the market.”

KeyFacts Energy Industry Directory: Northern Oil and Gas