Northern Oil and Gas, Inc. (NYSE: NOG) announced plans to offer $500 million in aggregate principal amount of senior notes due 2034 in a private placement to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933.

The Minneapolis-based company said it intends to use the net proceeds to repay a portion of outstanding borrowings under its revolving credit facility, with any remainder allocated to general corporate purposes.

The notes will not be registered under the Securities Act or any state securities laws. The offering is limited to persons reasonably believed to be qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S.

The offering is subject to market and other conditions, according to a press release statement from the company.