Northern Oil and Gas profits more than double

  • Article by: PATRICK KENNEDY , Star Tribune
  • Updated: August 9, 2012 - 9:19 PM

Northern Oil and Gas Inc., a company with wells in North Dakota and Montana, reported second-quarter results more than double what they were a year ago.

The Wayzata-based company's oil production and revenue for the quarter exceeded analysts' expectations. The company said it produced 947,468 barrels of oil equivalent in the second quarter, an average of 10,412 barrels per day.

Total revenue for the quarter was $119.2 million, a 134 percent increase over the same period a year ago. Earnings were $43.6 million or 70 cents per share, up 105 and 112 percent respectively.

The company's non-GAAP net income, excluding certain items, was $13.6 million or 22 cents per share. That was slightly under analysts' consensus expectation for the quarter of 22.8 cents per share.

As of June 30, the company controlled about 180,000 net acres in the Williston Basin Bakken and Three Forks oil and gas plays in North Dakota and Montana. The company added 7,060 net mineral acres in those prospect areas during the quarter and 15.8 net wells were completed and placed into production.

Patrick Kennedy • 612-673-7926

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