Northern Oil and Gas (NOG) Issues Production Outlook for FY11
Tweet
Share
E-mailGet Alerts NOG Hot Sheet
Join SI Premium – FREE
Northern Oil and Gas, Inc. (AMEX: NOG) issues the following updates and outlook.
In Q111, Northern Oil has acquired leasehold interests of approximately 11,100 net mineral acres for an average of $1,540 per net acre in its core Bakken and Three Forks prospect areas of North Dakota and Montana. All acreage acquisitions year-to-date were consistent with Northern Oil's strategic non-operated business model.
NOG has spud approximately 9.8 net wells in Q111 year-to-date and now expects to spud approximately 40 net wells during 2011, which represents an increase from previous guidance of 36 net wells.
Based on recent drilling activity and continued accelerated development of Northern Oil's acreage, Northern Oil currently expects daily production to average 6,500 to 7,100 barrels of oil equivalent during calendar year 2011.
CapEx expectations for FY11 increased from $227 million to $252 million.
In Q111, Northern Oil has acquired leasehold interests of approximately 11,100 net mineral acres for an average of $1,540 per net acre in its core Bakken and Three Forks prospect areas of North Dakota and Montana. All acreage acquisitions year-to-date were consistent with Northern Oil's strategic non-operated business model.
NOG has spud approximately 9.8 net wells in Q111 year-to-date and now expects to spud approximately 40 net wells during 2011, which represents an increase from previous guidance of 36 net wells.
Based on recent drilling activity and continued accelerated development of Northern Oil's acreage, Northern Oil currently expects daily production to average 6,500 to 7,100 barrels of oil equivalent during calendar year 2011.
CapEx expectations for FY11 increased from $227 million to $252 million.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Northern Oil and Gas prices $500 million senior notes offering
- Flowers Foods (FLO) Misses Q2 EPS by 3c; Offers Guidance
- BJ's Wholesale Club (BJ) Tops Q2 EPS by 19c, Beats on Revenue; Offers FY27 EPS Guidance
Create E-mail Alert Related Categories
Corporate News, GuidanceRelated Entities
Bakken FormationSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
