Northern Oil and Gas Boosts Natural Gas Hedges After Ohio Utica Deal

Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "NOG") today provided an update on the Company's hedge profile after its recently announced Ohio Utica joint acquisition.

HEDGING UPDATE

The Company continues to execute its policy of protecting its capital program by periodically entering into financial derivative instruments with counterparties to lock in future commodity prices on a portion of its expected production. NOG has added substantial gas hedges since its recently announced Ohio Utica joint acquisition in early December. Currently NOG's 2026 and 2027 natural gas hedge volumes represent ~60% and ~30%, respectively, of Q3 2025 annualized natural gas production pro forma for the Utica transaction. The Company has additional select natural gas hedges for 2028 and 2029. The Company has additionally added M2 and REX Z3 basis hedges. Since the end of the third quarter, the Company has made nominal incremental changes to its oil hedges.

As of the date of this release, the Company has over 35,400 Bbl per day of oil hedged with a swap price in excess of $68.70 and a weighted average collar floor of $63.84, and approximately 267,500 MMBtu per day of natural gas hedged for the full year of 2026 through a combination of swaps ($4.06) and collars ($3.43-$4.98). For 2027, the Company has an average of 124,315 MMBtu per day of natural gas hedges in place.