NORTHERN OIL AND GAS, INC. (NYSEMKT:NOG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
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Entry into a Material Definitive Agreement.
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into an amendment (the Amendment) to its third amended and
restated credit agreement, dated February 28, 2012, as amended
(the Credit Agreement), governing the Companys revolving credit
facility with Royal Bank of Canada, as Administrative Agent, and
the lenders party thereto. to the Amendment, the Companys
semi-annual borrowing base redetermination was completed and the
borrowing base under the credit facility was reduced from $350
million to $325 million. As of May 4, 2017, the Company had $134
million in outstanding borrowings under the credit facility,
leaving $191 million of remaining availability. The next
redetermination of the borrowing base is scheduled for October 1,
2017.
Agreement, including to adjust the minimum ratio of EBITDAX to
interest expense that the Company is required to maintain for
future periods, and to further restrict the Companys ability to
make restricted payments (such as dividends and repurchases of
equity) or redeem indebtedness. The Amendment is included as
Exhibit 10.1 to this Form 8-K, and the foregoing description of
the material terms of the Amendment is qualified by reference to
such exhibit.
announcing 2017 first quarter financial and operating results.
>A copy of the press release is furnished as Exhibit 99.1
hereto.
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
by reference into this Item 2.03.
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Exhibit Number
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Description
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10.1
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Ninth Amendment to Third Amended and Restated Credit
Agreement, dated May 4, 2017, by and among Northern Oil and Gas, Inc., Royal Bank of Canada, and the Lenders party thereto. |
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99.1
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Press release of Northern Oil and Gas, Inc., dated May
8, 2017. |
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About NORTHERN OIL AND GAS, INC. (NYSEMKT:NOG)
Northern Oil and Gas, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and natural gas properties, primarily in the Bakken and Three Forks formations within the Williston Basin in North Dakota and Montana. The Company holds working interests in over 2,630 gross (204.3 net) producing wells, including over 2,630 wells targeting the Bakken and Three Forks formations and over two wells targeting other formations. The Company leases approximately 165,910 net acres, all located in the Williston Basin. The Company engages in oil exploration and production through non-operated working interests in wells drilled and completed in spacing units that include its acreage. The Company’s proved reserves are approximately 65.3 million barrels of oil equivalent (MMBoe). NORTHERN OIL AND GAS, INC. (NYSEMKT:NOG) Recent Trading Information
NORTHERN OIL AND GAS, INC. (NYSEMKT:NOG) closed its last trading session up +0.25 at 2.20 with 960,285 shares trading hands.
