Northern Oil and Gas, Inc. Reports Production Results for the Fourth Quarter Ended December 31, 2013; Provides Production Guidance for the Fourth Quarter of 2013
January 29, 2014 at 09:30 pm
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Northern Oil and Gas, Inc. reported production results for the fourth quarter ended December 31, 2013. Northern's fourth quarter 2013 production is expected to average approximately 13,900 barrels of oil equivalent (Boe) per day. This represents an increase of 28% compared to the fourth quarter of 2012, and a sequential increase of 6.5% compared to the third quarter of 2013. Total production for 2013 was approximately 4.47 million barrels of oil equivalent, an increase of approximately 19% compared to 2012. During the fourth quarter of 2013, Northern added 173 gross (12.6 net) wells to production, with an additional 245 gross (15.2 net) wells that were drilling or awaiting completion as of December 31, 2013. During 2013, Northern added 531 gross (40.0 net) wells to production. As of December 31, 2013, Northern's total producing well count was 1,758 gross (146.2 net) wells.
Northern expects its fourth quarter 2013 realized price per barrel of oil equivalent, including the effect of settled derivatives (hedges), to be in a range of $74.50 - $75.00. The expected realized price per Boe reflects an approximate crude oil differential to WTI of $15.00 per barrel and an approximate $3.00 per barrel loss on settled crude oil derivatives during the quarter. Northern expects its fourth quarter 2013 lease operating expense (LOE) per barrel of oil equivalent to be in a range of $8.75 - $9.00, a reduction of approximately 7% compared to the third quarter of 2013.
Northern Oil and Gas, Inc. is a real asset company that focuses on acquiring and investing in non-operated minority working and mineral interests in the hydrocarbon producing basins within the contiguous United States. Its principal business is crude oil and natural gas exploration, development, and production with operations in the United States. Its 272,251-acre portfolio is distributed across the Williston, Permian, and Appalachia Basins. Its portfolio comprises about 272,251 acres of low-breakeven lands with over 9,765 wells. Diversified by basin and across commodity type, its wells are operated by over 100 public and private operators. It primarily engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include its acreage. In addition, it acquires wellbore-only working interests in wells. It also owns the Utica and Northern Delaware Basin assets.
Northern Oil and Gas, Inc. Reports Production Results for the Fourth Quarter Ended December 31, 2013; Provides Production Guidance for the Fourth Quarter of 2013