Wayzata, Minnesota – June 7, 2010 – Northern Oil and Gas, Inc. (NYSE/AMEX: NOG), announced today that it has been selected to present at the 2010 RBC Capital Markets Global Energy and Power Conference in New York.

Michael Reger, Chief Executive Officer, and Ryan Gilbertson, President, will be presenting on Tuesday, June 8, 2010 at 3:00 PM Eastern.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the North Dakota Bakken and Three Forks trend in the Williston Basin.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

INVESTOR RELATIONS CONTACT

WSR, Inc.: 772-219-7525

WAYZATA, MINNESOTA --- June 1, 2010 --- Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) ("Northern Oil") today announced that it has completed the assignment of its revolving credit facility to Macquarie Bank Limited ("Macquarie") from CIT Capital USA Inc. Northern Oil and Macquarie have entered into an amended credit agreement and related documents in connection with the assignment.

The new facility provides an increased initial borrowing base of $25 million and maximum borrowings of up to $100 million. The facility may be used to provide working capital for exploration and production operations. The new facility will have a four year term and does not contain any minimum interest rate on borrowings under the facility. Borrowings, if any, will bear interest at a spread ranging from 2.00% to 3.25% over the London Interbank Offered Rate (LIBOR) or prime rate, as the case may be, based upon the percentage of borrowing base that is advanced at any given time.

Northern Oil has no current borrowings under the facility, no other debt and currently has approximately $85 million in cash on hand.

Michael Reger, Chief Executive Officer, commented, "We are very pleased to have closed on this facility that will provide non-dilutive funding for continued drilling activities for the foreseeable future. We believe this facility, along with our forecasted cash flow from producing wells, will enable Northern Oil to fund its anticipated development plans with a high degree of certainty at a very competitive cost of capital."

As of May 1st 2010, Northern Oil has hedged approximately 568,196 barrels of oil for delivery in 2010 and 2011 at an average price of approximately $80.50.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT

Investor Relations
772-219-7525

WAYZATA, MINNESOTA — May 6, 2010 — Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) (“Northern Oil”) today reported net income of $1,559,630, or $0.04 per share, for the quarter ended March 31, 2010, exceeding the previously announced expectation of $0.03 per share.

FIRST QUARTER 2010 HIGHLIGHTS

Northern Oil sold 125,048 barrels of oil equivalent (“BOE”) during the first quarter of 2010, resulting in total oil and natural gas sales of $8,368,847. First quarter production consisted of 96% oil and 4% associated natural gas. Production expenses for the quarter averaged $3.25 per barrel of oil and Northern Oil realized an average price of $68.70 per barrel of oil after taking into consideration the effect of settled hedges.

First quarter oil and natural gas sales increased 20% and production volumes increased 10% compared to the fourth quarter of 2009. This increase represents Northern Oil’s ninth consecutive quarterly increase in production. Northern Oil spud 3.54 net wells in the first quarter of 2010. Year to date, Northern Oil has spud 7.28 net wells. Northern Oil reaffirms its previously announced expectation to spud approximately 18 net wells throughout 2010. Northern Oil has maintained a 100% drilling success rate in the Williston Basin Bakken and Three Forks trends since the company’s inception.

Northern Oil exited the first quarter of 2010 with oil production of approximately 1,750 BOE per day. Northern Oil is currently participating in the drilling or completion of an additional 58 gross Bakken or Three Forks wells and two gross Red River wells, for a total of 5.77 net wells currently drilling or completing.

FIRST QUARTER 2010 COMPLETION HIGHLIGHTS

The following table illustrates some of the most recent well completions in which Northern Oil participated.

RECENT DEVELOPMENTS

During the first quarter of 2010, Northern Oil experienced significant drilling and completion complications in the Mayhem 1-19H well, the first well in the Slawson Exploration-operated Anvil prospect in Roosevelt County, Montana. Reworking operations have commenced and the well is expected to be placed on artificial lift. Northern Oil expects that the well will have consistent production within the next 15 to 30 days. Northern Oil owns a 30% working interest in the Anvil prospect well and controls approximately 3,000 net acres in the prospect area. Slawson expects to drill a subsequent well in the Anvil prospect late in the second quarter or early in the third quarter of 2010.

Northern Oil recently participated in two impactful completions in southern Dunn County, North Dakota that we believe confirmed the productivity of Northern Oil’s southernmost acreage block. The Kubik Trust 1-18-19H was completed by Anschutz Exploration and commenced production at an early 24 hour rate of 2,374 Barrels of oil per day. The Twist #31-4H, also operated by Anschutz Exploration, produced at an early 24 hour rate of 978 barrels of oil per day. Management believes these wells de-risk much of Northern Oil's Dunn County acreage block.

ACREAGE AQUSITIONS

With recent acreage acquisitions, Northern Oil currently controls over 100,000 net acres that it considers prospective for the Bakken and Three Forks formations, which provides the potential to drill approximately 312.5 net wells using 320 acre spacing units. Including the Three Forks formation, Northern Oil has the potential to drill a total of 625 net wells on 320 acre spacing units for each formation.

Northern Oil has accelerated acreage acquisition activities throughout the Williston Basin and continues to monitor various larger acquisitions. Management believes acreage acquisition represents Northern Oil’s core competency and Northern Oil expects to continue to leverage its leasing expertise as the Bakken and Three Forks plays continue to increase in size and scope.

UPDATED HEDGING ACTIVITY

Northern Oil recently executed a swap arrangement to sell 194,000 barrels of crude oil production at $88.00 per barrel commencing in May 2010 and continuing through December 2011. As of May 1st 2010, Northern Oil has hedged approximately 568,196 barrels of oil for delivery in 2010 and 2011 at an average price of approximately $80.50.

UPDATED PRODUCTION AND DRILLING GUIDANCE

Northern Oil expects to spud approximately 18 net wells in 2010 through participations in approximately 125 gross wells in which Northern Oil expects to own an average 15% working interest. The 2010 wells are expected to target both the Bakken and Three Forks with a majority of wells being drilled by EOG Resources and Slawson Exploration. Northern Oil expects to exit the second quarter of 2010 at a run rate of approximately 2,000 BOE per day with production increasing at a rate of 20% to 30% per quarter during 2010 as previously guided.

Michael Reger, Northern Oil’s Chief Executive Officer, commented, "Although we experienced significant delays in completions during the first quarter of 2010, which resulted in the postponement of new production, we continue to be impressed with the pace of drilling activity that has been boosted by a new record of 114 active drilling rigs in North Dakota. Most importantly, we have observed what we believe to be a delineation of the Three Forks across the bulk of our position. We continue to exploit what we believe to be our competitive leasing advantage, and we believe we are poised to be a strategic acquirer of assets with our current cash position of approximately $90 million and no debt."

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

WAYZATA, Minnesota— Northern Oil and Gas, Inc. (NYSE Amex: NOG) ("Northern Oil") announced today that it has completed the sale of 5,000,000 shares of its common stock and that the underwriters have exercised their over-allotment option to purchase an additional 750,000 shares of the Company's common stock in full. As a result, Northern Oil will issue a total of 5,750,000 shares of common stock, and the net proceeds from this offering will be approximately $82.6 million after deducting underwriters discounts and estimated offering expenses.

In connection with the offering, Canaccord Adams Inc. acted as sole book-running manager and C. K. Cooper & Company, Inc. acted as a co-managing underwriter for the offering.

The offering is being made only by means of a prospectus and related prospectus supplement, which has been filed with the Securities and Exchange Commission. A copy of the prospectus and prospectus supplement relating to the offering may be obtained from the offices of: Canaccord Adams, Attn: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, phone: (800) 225-6201. Alternatively, you may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin. More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

WAYZATA, Minnesota -- April 14, 2010 -- Northern Oil and Gas, Inc. (NYSE Amex: NOG) (“Northern Oil”) announced today the sale of 5,000,000 shares of its common stock pursuant to an underwriting agreement with Canaccord Adams Inc. acting as sole bookrunner.  The gross proceeds to Northern Oil from the sale of this common stock will be approximately $75 million.  Northern Oil has also granted the underwriters the option to purchase up to an additional 750,000 shares from the company to cover any over-allotments, if any.  The last reported sale of our common stock as reported by the NYSE Amex Equities Market on April 14, 2010 was $15.48 per share.

Northern Oil intends to use the net proceeds from the offering to continue to pursue acquisition opportunities, to fund its accelerated drilling program, to repay short-term borrowings, and for other working capital purposes.

The offering is being made pursuant to an effective shelf registration statement.  A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission.  This press release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to the offices of Canaccord Adams, Attn: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, phone: (800) 225-6201. Alternatively, you may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin. More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements. 

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:
Investor Relations
772-219-7525

Wayzata, Minnesota – April 12, 2010 – Northern Oil & Gas, Inc. (NYSE/AMEX: NOG) (“Northern Oil”) today provided an operations update related to drilling and completion activity in the Williston Basin Bakken and Three Forks play.   In connection with this operations update, Northern Oil also provided information regarding its preliminary financial results for first quarter 2010.

2010 DRILLING ACTIVITY

Since January 1, 2010, Northern Oil has spud 5.15 net wells.  Of those wells, 1.76 net wells are currently drilling but have not reached total depth and 2.05 net wells have been drilled to total depth and are awaiting fracture stimulation to commence production.  This high number of wells awaiting completion was caused by longer time delays from completion of drilling to commencement of oil sales, primarily due to the seasonal backlog of fracture stimulations that typically occurs in early spring as a result of reduced completion activities during the coldest months in North Dakota. 

Northern Oil now expects to spud up to 18 net wells in 2010, which represents an increase from previous guidance of 15 net wells.  We believe the increase in expected wells is based upon the increasing rig count, which is now at an all-time high of 108 drillings rigs in the North Dakota Bakken play.  Northern Oil’s Chief Executive Officer, Michael Reger, commented “The pace of drilling in the Bakken and Three Forks plays continues to increase.  Given recent announcements by key operators in the plays, we expect 2010 drilling to increase by up to 20% to a total of 18 net Bakken and Three Forks wells.”

FIRST QUARTER 2010 PRODUCTIONAND PRELIMINARY FINANCIAL RESULTS

Northern Oil’s first quarter 2010 production increased approximately 10% and oil and gas sales increased approximately 20% compared to fourth quarter 2009.  First quarter 2010 production approximated 125,000 barrels of oil equivalent (“BOE”), an increase from 114,000 BOE in fourth quarter 2009.   First quarter 2010 oil and gas sales were approximately $8.4 million, an increase of approximately 20% from fourth quarter 2009 oil and gas sales of $6,965,622.  First quarter 2010 net earnings are expected to be approximately $0.03 per outstanding share.

COMPLETION ACTIVITY

Northern Oil has experienced significant delays in fracture stimulation appointments for wells across all operators with whom we participate.  We believe this trend has been driven primarily by seasonal issues and increased costs of completing during the coldest winter months.  Additionally, Northern Oil believes there has been some constraint in moving fracture stimulation supplies, such as frac sand, into the field due to seasonal conditions.  Northern Oil expects that for the next quarter delay between fracture stimulation and completion may average as much as six weeks.  This is not affecting the pace of drilling and we continue to see wells drilled to total depth at an accelerated pace.  However, delays in fracture stimulation have the effect of delaying production additions.

RECENT COMPLETION HIGHLIGHTS

Northern Oil continues to believe that early 24 hour rates are not useful in determining the economics of a well.  Northern Oil is focused on well payout, which, in our core Slawson Exploration drilling program, we expect to occur four months on average following commencement of production.   As previously guided, Northern Oil will begin to report well flow rates as far out as 60 days, when available.  

The following table outlines well completions as of April 11, 2010.

CURRENT DRILLING ACTIVITY

The following table illustrates the wells in which Northern Oil has participated in that are drilling or are awaiting completion and have experienced completion delays due to seasonal conditions as of April 11, 2010.  Northern is currently drilling or completing 3.81 net wells.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

Wayzata, Minnesota – April 9, 2010 – Northern Oil & Gas, Inc. (NYSE/AMEX: NOG) (“Northern Oil”) today announced that it has been selected to present at the 2010 Independent Petroleum Association of America's Oil & Gas Investment Symposium in New York.

Michael Reger, Chief Executive Officer, is scheduled to present on Monday, April 12, 2010 at 9:10 AM Eastern. A live webcast of the presentation will be available and can be accessed by logging onto www.ipaa.org.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

CONTACT:
Investor Relations
772-219-7525

These appointments are intended to more closely align each officer’s position with his day to day responsibilities. Michael Reger will remain Chief Executive Officer and Chairman with no change in his role in Northern Oil's operations.

Northern Oil’s Chief Executive Officer—Michael L. Reger—commented, “We believe these officer appointments and promotions position us to better scale and execute our growth strategy, while aligning titles and day to day responsibilities most accurately. We are happy to have the executive team of Northern Oil together and focused on creating further long-term value for our shareholders.”

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

CONTACT:
Investor Relations
772-219-7525

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

WAYZATA, MINNESOTA --- March 8, 2010 --- Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) (“Northern Oil”) today announced 2009 net earnings of $2,798,952, representing approximately $0.08 per share, on oil and natural gas sales of $15,171,824, compared to 2008 net earnings of $2,424,340 on oil and natural gas sales of $3,542,994. 

These results represent a 15% increase in earnings and a 328% increase in oil and natural gas sales compared to 2008.  Of the $15,171,824 in oil and natural gas sales for 2009, $6,432,175 occurred in the fourth quarter.  Fourth quarter oil and natural gas sales increased 32% compared to the third quarter of 2009, exceeding previous guidance of 20% to 30% sequential sales growth.

RESERVES

Using year-end SEC pricing parameters, Northern Oil’s proved reserves were 6,109,066 barrels of oil equivalent (“BOE”) as of December 31, 2009, representing a 700% increase over proved reserves as of December 31, 2008.  This increase in proved reserves equates to a 2,065% replacement of 2009 production.  Reserves using SEC pricing parameters were calculated using constant realized net prices of $53.00 per barrel of oil and $3.93 per 1,000 cubic feet (Mcf) of natural gas. 

Estimates of Northern Oil’s proved reserves increase substantially to 10,519,428 BOE using constant realized net prices of $71.82 per barrel of oil and $5.07 per Mcf of natural gas, which represent December 31, 2009 spot pricing, consistent with prior SEC pricing methodology.  Northern Oil’s reserves are comprised of approximately 95% oil and 5% natural gas.  These reserves were achieved by drilling approximately 10% of Northern Oil’s Bakken prospective acreage. 

Finding and development costs for 2009 were $8.23 per BOE based on SEC pricing parameters and 2009 drilling and leasehold capital expenditures of approximately $46 million.  All sources finding and development costs, including capitalized amounts, approximated $8.80 per BOE using the same parameters.

2009 PRODUCTION

Northern Oil produced 282,212 BOE during 2009 compared to 51,542 BOE during 2008. These results represent a 448% increase in production compared to 2008.

Northern Oil exited 2009 producing oil and natural gas from 9.19 net wells, with production of approximately 1,508 barrels of oil per day.  As of March 1, 2010, Northern has completed or is completing an additional 3.45 net Bakken or Three Forks wells with current production of approximately 1,986 barrels of oil per day.

RECENT DEVELOPMENTS

Northern Oil continues to develop its core Bakken and Three Forks acreage position at an accelerating pace.  According to the North Dakota Industrial Commission, 99 rigs are currently drilling in the North Dakota Bakken and Three Forks plays, up from approximately 30 rigs drilling in May of 2009.  The significant rig increase in the play continues to accelerate the development of Northern’s core acreage position.

Northern Oil and Slawson Exploration Company continue to develop the drilling inventory acquired from Windsor Bakken LLC in Mountrail County, North Dakota.  Slawson is currently operating five rigs drilling the Windsor development program as well as other project areas with Northern Oil participation.  The Windsor development program now consists of approximately 60 gross wells expected to be completed over the next 14 months, with Northern Oil’s average working interest in such wells expected to approximate 20% per well.  Seventeen of the 60 wells have been completed and four are currently awaiting completion.

Northern Oil is currently participating in the drilling and completion of the Mayhem #1-19H well located in Roosevelt County, Montana.  This well is the westernmost well in which Northern Oil has participated to-date and the first in the Anvil project area operated by Slawson.  The well was successfully drilled to total depth and is awaiting completion.  Northern Oil owns a 30% working interest in the Anvil program which consists of approximately 12,500 net acres

The initial wells drilled by Slawson in Mountrail County were completed with 9 fracture stimulation (“frac”) stages on 640 acre spacing units.  Slawson is presently completing 640 acre spacing unit wells with 18 to 22 frac stages, resulting in approximately 60% higher daily production in the first 60 days following completion compared to wells drilled with only 9 frac stages.  Slawson recently completed the first 1,280 acre spacing unit well in the program, the Stallion 1-1-12H well, in which Northern Oil owns a 23% working interest, with 36 frac stages, which yielded an initial production rate of 2,735 BOE per day and a 20-day average of 1,525 BOE per day.  Northern Oil expects that these recent production rates could result in well payout to be achieved, on average, with approximately three months of production.  Importantly, the biggest improvement we have seen is in the significant increase in 20 day production rate.  Rather than open the choke for the highest possible 24-hour rate, Northern Oil and Slawson place a higher value on the extended productivity of the wells and the speed with which payout occurs.  As such, we believe that the majority of our Slawson operated wells, by producing on a tighter initial choke, may have slightly lower 24 hour rates but significantly higher 20 day rates when compared to historical data and other operators' results.

The following table outlines the most recent Slawson completions and 20-day average production rates:

THREE FORKS DEVELOPMENTS

Northern Oil believes recent discoveries in the Three Forks formation have delineated a large portion of Northern Oil’s North Dakota acreage position as being productive in both the Three Forks and Bakken formations.  Northern Oil believes the addition of the Three Forks as a separate producing reservoir will yield a significant increase in future reserves.

Northern Oil recently participated with a 6.25% working interest in the Liffrig 29-20 #1H, a Three Forks well in northern Mountrail County operated by Brigham Exploration.  According to Brigham, the well achieved an initial production rate of 2,477 barrels of oil equivalent per day during an early 24 hour period.  The Liffrig 29-20 #1H was completed in a 1,280 acre spacing unit with 30 frac stages.  Northern Oil believes this well delineates a significant portion of Northern Oil’s acreage in northern Mountrail County as productive from the Three Forks formation as well as the Bakken.

Northern Oil also participated with a 10% working interest in the recently completed Van Hook 100-15H Three Forks well operated by EOG Resources in southern Mountrail County directly adjacent to the Slawson/Northern Oil Windsor development program.  The Van Hook 100-15H came on line with an initial production rate of 1,585 BOE per day and maintained an average rate of approximately 1,000 BOE per day during the initial 30 days of production.  The Van Hook 100-15H was completed in a 640-acre spacing unit with 20 frac stages.  Northern Oil believes this well delineates a large portion of Northern Oil’s southern Mountrail acreage included in the Windsor development program as also productive from the Three Forks as well as Bakken formation.

Northern Oil expects Slawson to spud the first Three Forks test in the Windsor development program on March 20, 2010.  The Jericho 2-5H TF will be drilled on a 640 acre spacing unit with Northern Oil participating for an approximate 41% working interest.  This Three Forks test well has been designed to be drilled directly below the Jericho 1-5H Bakken well and will test potential communication between the Bakken and Three Forks in a centrally located unit of the Windsor development program.

RECENT ACREAGE ACQUISITIONS

Northern Oil continues to add to its growing acreage position with several recent acquisitions.

On November 3, 2009, Northern Oil acquired 24 high working interest sections comprised of approximately 11,274 net acres located in western McKenzie and Williams Counties of North Dakota.  Northern Oil participated with Slawson as a 50% working interest partner in this acquisition.  Drilling operations on these high working interest locations are expected to commence in early 2011.

On November 13, 2009, Northern Oil entered into an agreement with Slawson pursuant to which it acquired a 20% participation interest in Slawson’s Big Sky Project in Richland County, Montana.  The project area encompasses 11,586 net acres of leases.  The first well in this program, the Vandal 1-16H, was successfully drilled to total depth on a 640 acre spacing unit and is awaiting completion.

On November 17, 2009, Northern Oil entered into an Exploration and Development Agreement with Slawson Exploration pursuant to which it acquired a 30% participation interest in Slawson’s Anvil Project in Williams County, North Dakota and Roosevelt County, Montana.  The project area encompasses 12,500 net acres of leases.  The first well in the program, the Mayhem 1-19H, was successfully drilled to total depth on a 640 acre spacing unit and is currently awaiting completion.

In addition to acquiring acreage through large block acquisitions, Northern Oil organically leased approximately 5,289 net mineral acres during 2009 in our core prospect areas.

HEDGING ACTIVITY

Northern Oil has currently hedged 293,000 barrels of oil production for delivery in 2010 at a weighted average swap price of $77.25 per barrel of oil and has hedged 163,000 barrels of oil production for delivery in 2011 at a weighted average swap price of $75.78 per barrel of oil.

2010 CAPITAL EXPENDITURES

Northern Oil expects to drill approximately 15 net wells in 2010 with drilling capital expenditures approximating $67.5 million.  The 2010 wells are expected to target both the Bakken and Three Forks.  Drilling capital expenditures are expected to increase in 2010 compared to previously published guidance due to the continued success of longer laterals and additional frac stages.  Northern Oil currently expects to drill wells during 2010 at an average completed cost of $4.5 million per well.  Based on evolving conditions in the field, Northern Oil currently expects to deploy approximately $10 million toward further strategic acreage acquisitions during 2010.  Northern Oil currently expects to fund all 2010 drilling commitments using cash-on-hand, cash flow and its currently undrawn credit facility.

RECENT COMPLETION HIGHLIGHTS

The following table illustrates some of the most recent well completions in which Northern Oil participated.

Michael Reger, Northern Oil’s Chief Executive Officer, commented, “We are very excited to see the accelerated development of our acreage targeting the Bakken and Three Forks formations.  In addition, we believe the quality of wells continues to improve, primarily as a result of an increased number of fracture stages during well completion.  We expect this improvement along with downspacing and additional Three Forks production to provide Northern Oil with high quality drilling inventory for years to come. We believe Northern Oil is well positioned to continue to develop its core Bakken and Three Forks position with significant drilling inventory, a strong cash position and no debt.” 

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

WAYZATA, MINNESOTA --- November 30, 2009 --- Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) (“Northern Oil”) today announced that it has been selected to present at the Canaccord Adams 2009 Global Energy Conference.
Michael Reger, Chief Executive Officer, is scheduled to present on Wednesday, December 2, 2009 at 11:05 AM Eastern.  A live webcast of the presentation will be available and can be accessed at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2802140
ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the North Dakota Bakken and Three Forks trend in the Williston Basin.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.  

Northern Oil intends to use the proceeds from the offering to repay the current borrowings under its revolving credit facility, pursue acquisition opportunities, and other working capital purposes. Canaccord Adams Inc. acted as lead placement agent for the offering. FIG Partners, LLC acted as co-placement agent for the offering.

A shelf registration statement relating to these securities previously was filed and declared effective by the Securities and Exchange Commission. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful. A copy of the base prospectus and prospectus supplement (once filed) can be obtained at the Securities and Exchange Commission’s website http://www.sec.gov or via written request to Northern Oil and Gas, Inc. at 315 Manitoba Avenue, Suite 200, Wayzata, MN, 55391, Attention Investor Relations.

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin. More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about expected use of proceeds, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern Oil’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which Northern Oil conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting Northern Oil’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:
Investor Relations
772-219-7525

THIRD QUARTER 2009 HIGHLIGHTS

Northern Oil sold 86,206 barrels of oil and 14.6 mmcf of natural gas during the third quarter of 2009 with oil and natural gas revenues of $5,146,972. Production expenses for the quarter equaled $2.49 per barrel of oil and Northern Oil realized an average price of $58.44 per barrel of oil after taking into consideration the effect of hedges.

Third quarter oil and natural gas revenue increased 113% over the second quarter of 2009. Northern Oil increased its oil production volume by 71% over the second quarter of 2009. This increase represents Northern Oil’s seventh consecutive quarterly increase in production. Northern Oil added production in the third quarter of 2009 from 1.97 net wells and expects to reach or exceed the high end of previously announced guidance of production from 7 to 8 net well additions in 2009. Northern Oil has maintained a 100% drilling success rate in the Williston Basin Bakken and Three Forks trend since inception.

Northern Oil exited the third quarter of 2009 producing oil and natural gas from 140 gross Bakken and Three Forks wells and three Red River wells, with oil production of approximately 1,200 barrels of oil equivalent per day (BOEPD). Given recent completions, Northern Oil was producing approximately 1,500 BOEPD as of October 25, 2009. Northern Oil participated in the completion of 39 gross Bakken or Three Forks wells in the third quarter and is currently participating in the drilling or completion of an additional 23 gross Bakken or Three Forks wells.

RECENT DEVELOPMENTS

Northern Oil continues to develop its core Bakken and Three Forks acreage position at an accelerating pace. Approximately 60 rigs are currently actively drilling in North Dakota, up from approximately 30 rigs that were drilling in February of 2009. Northern Oil believes the continued increase in drilling activity will accelerate the development of its core acreage position.

Northern Oil and its operating partner, Slawson Exploration, have commenced the development of the acreage position recently acquired from Windsor Bakken LLC. The development program will consist of 54 gross wells expected to be completed over the next 18 months with Northern Oil’s average working interest in such wells expected to approximate 20%. As of today, 14 wells of the program have been drilled, with most awaiting completion, and the three rigs are drilling ahead.

The initial well in the development program (Genesis 1-13H) was drilled to total depth in 16 days, utilized a 5,000 foot lateral and an 18 stage fracture stimulation, and was completed for a total cost of approximately $2.9 million. This well commenced production at 2,589 BOEPD on 36/64 choke and pressures exceeding 2,950 psi.

Northern Oil believes the Slawson operated wells are the most cost-effective wells targeting the Bakken and Three Forks formations, with costs substantially less than Northern Oil has experienced with other operators.

THREE FORKS DEVELOPMENTS

Northern Oil controls approximately 70,000 net acres in the Williston Basin targeting the North Dakota Bakken and Three Forks formations, which provides the potential to drill approximately 220 net wells using 320 acre spacing units. Northern Oil has no material lease expirations until late 2011 and continues to expand its position through an aggressive leasing program.

Recent discoveries in the Three Forks formation have delineated a large portion of Northern Oil’s acreage position in North Dakota as being productive in both the Three Forks and Bakken. Northern Oil believes the addition of the Three Forks as a separate producing reservoir will yield a significant increase in reserves for Northern Oil in addition to the accelerated drilling of its acreage.

HIGH WORKING INTEREST WELLS

Northern Oil recently completed the Harstad 18-19H well (NOG 50% WI; 14 stage frac) in Mountrail County, North Dakota. The well is operated by Fidelity Exploration and commenced production at 1405 BOEPD on a 17/64 choke and pressures exceeding 1,500 psi.

Northern Oil also recently completed the Coyote 1-32H well (NOG 20% WI; 18 stage frac) in Mountrail County, North Dakota. The well was drilled by Slawson Exploration and commenced production at 1,508 BOEPD on a 16/64 choke and pressures exceeding 2,250 psi. The well was drilled and completed for approximately $3.1 million.

Northern Oil most recently completed the Minx 1-29H well (NOG 22% WI; 18 stage frac) in Mountrail County, North Dakota. The well also was drilled by Slawson Exploration and began flowback producing over 100 barrels of oil per hour on a 32/64 choke and pressures exceeding 2,200 psi.

Northern Oil continues to receive well proposals representing higher working interest prospects on a more frequent basis.

ACREAGE ACQUISITION

Northern Oil believes the recent discoveries in western Williams and McKenzie Counties of North Dakota have substantially expanded the delineated area of high quality Bakken and Three Forks production and the rapidly accelerating pace of drilling has dramatically changed the dynamics of this oil play.

Northern Oil recently accelerated acreage acquisition activities throughout the Williston Basin and continues to monitor various acquisitions similar to its recent participation in the purchase syndicate of Windsor Energy. Acreage acquisition represents Northern Oil’s core competency and the Company expects to continue to leverage its leasing expertise as the Bakken and Three Forks plays continue to increase in size and scope.

HEDGING ACTIVITY

Northern Oil recently executed a swap arrangement to sell 175,000 barrels of crude oil production at $82.60 per barrel commencing in November 2009 and continuing through December 2011.

UPDATED PRODUCTION AND DRILLING GUIDANCE

Northern Oil expects to drill 14 to 16 net wells in 2010 with drilling capital expenditures approximating $52 Million. The 2010 wells are expected to target both the Bakken and Three Forks with a majority of wells being drilled by EOG Resources and Slawson Exploration. Northern Oil expects to own an average of 15% working interest across the approximately 100 gross wells planned for 2010, which is significantly higher than previously expected. Northern Oil expects to exit 2009 at a run rate of approximately 2,000 BOEPD with production increasing at a rate of 20% to 30% per quarter.

Michael Reger, Northern Oil’s Chief Executive Officer, commented, “We are very excited to see the accelerated development of our acreage targeting the Bakken and Three Forks formations. In addition, the quality of wells continues to improve, primarily as a result of an increased number of fracture stages during well completion. This, coupled with dramatically lower costs to drill and complete wells and higher oil prices, is resulting in substantially increased well economics.”

RECENT COMPLETION HIGHLIGHTS

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin. More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about expected use of proceeds, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern Oil’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which Northern Oil conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting Northern Oil’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

INVESTOR RELATIONS CONTACT:
WSR, Inc.: 772-219-7525

Michael Reger, Chief Executive Officer, is scheduled to present on Wednesday, September 30, 2009 at 5:25 PM Pacific. A live webcast of the presentation will be available and can be accessed by logging onto www.ipaa.org or clicking on the following link: http://investorcalendar.com/CEPage.asp?ID=149927

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin. More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about expected use of proceeds, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern Oil’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which Northern Oil conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting Northern Oil’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

INVESTOR RELATIONS CONTACT:
WSR, Inc.: 772-219-7525

SECOND QUARTER 2009 HIGHLIGHTS

Northern Oil sold 50,396 barrels of oil and 6,604 Mcf of natural gas during the second quarter of 2009 with oil and natural gas revenues of $2,418,496. Second quarter revenue increased 277% over the first quarter of 2009. Northern Oil increased its actual production volume by 83% over the first quarter of 2009. This increase represents Northern Oil’s sixth consecutive quarterly increase in production. Northern Oil added production in the second quarter of 2009 from 1.87 net wells and expects to reach previously announced guidance of 7-8 net well additions in 2009. Northern Oil has maintained a 100% drilling success rate in the Williston Basin Bakken and Three Forks trend since inception.

Northern Oil exited the second quarter of 2009 producing oil and natural gas from 101 Bakken and Three Forks wells and 3 Red River wells, with oil production of approximately 967 BOPD. Northern Oil has recently completed 18 Bakken or Three Forks wells and is currently drilling or completing an additional 35 Bakken or Three Forks wells. Northern Oil’s acreage continues to be delineated by prolific Three Forks production which represents significant upside potential from this reservoir.

Michal Reger, Northern Oil’s Chief Executive Officer, commented, “We continue to develop our substantial position of core Bakken and Three Forks acreage at an accelerating pace. Additionally, the development of our newly acquired Windsor Energy acreage position has begun in earnest and will significantly add to our production and reserve profile. We will continue to monitor similar acquisition opportunities. Also, we are pleased to see a continued decline in drilling and completion costs. Coupled with the exciting developments in the Three Forks formation, we are very optimistic about the continued development of our substantial North Dakota acreage position.”

WINDSOR ENERGY ACREAGE DEVELOPMENT PROGRAM

On May 22, 2009, Northern acquired competitor Windsor Energy as part of a consortium led by privately held Slawson Exploration. Slawson has subsequently contracted two additional rigs to develop the Windsor Energy acreage. The development will be primarily targeting Townships 151 and 152 North, Range 92 West in Mountrail County, North Dakota. Our previously existing acreage in these Townships, exclusive of the Windsor Energy acreage, gives Northern Oil significant working interest in the development program. The development program will include approximately 50 gross wells drilled in less than 18 months in which Northern Oil will participate with an average working interest of 12 – 15%. The development program has successfully commenced and all three rigs operated by Slawson are currently drilling.

RECENTLY COMPLETED WELLS

The following 18 Bakken and Three Forks wells were recently completed and produced at an average initial production rate of 870 BOE/D:

• The Bandit 1-29H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 480 BOE/D. Northern Oil holds a 26.5% working interest in the well.


• The Smouse 31X-28H, located in Williams County, ND is a horizontal well operated by XTO Energy and produced from the Three Forks formation at an initial production rate of 604 BOE/D. Northern Oil holds a 25% working interest in the well.


• The Wolf 1-4H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 587 BOE/D. Northern Oil holds a 22% working interest in the well.


• The Colt 1-16H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 387 BOE/D. Northern Oil holds a 17.5% working interest in the well.


• The Polaris 1-21H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 370 BOE/D. Northern Oil holds a 14.5% working interest in the well.


• The RS-Bean-156-91-3229H-1H, located in Mountrail County, ND is a horizontal well operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 698 BOE/D. Northern Oil holds a 13% working interest in the well.


• The Henry 1-28H, located in Mountrail County, ND is a horizontal well operated by Hunt Oil Company and produced from the Bakken formation at an initial production rate of 1,129 BOE/D. Northern Oil holds a 12.5% working interest in the well.


• The Rohde 44-1H, located in Mountrail County, ND is a horizontal well operated by Whiting Petroleum and produced from the Bakken formation at an initial production rate of 2,528 BOE/D. Northern Oil holds a 10.5% working interest in the well.


• The Sidonia 1-6H, located in Mountrail County, ND is a horizontal well operated by EOG Resources and produced from the Bakken formation at an initial production rate of 436 BOE/D. Northern Oil holds a 10% working interest in the well.


• The Kent Carlson 14-36H, located in Dunn County, ND is a horizontal in-fill well operated by Marathon Oil Company and produced from the Bakken formation at an initial production rate of 628 BOE/D. Northern Oil holds a 5.85% working interest in the well.


• The Mamba 1-20H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 980 BOE/D. Northern Oil holds a 4.5% working interest in the well.


• The Nightcrawler 1-17H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 988 BOE/D. Northern Oil holds a 4.5% working interest in the well.


• The Strommen 34-8H, located in Dunn County, ND is a horizontal in-fill well operated by Marathon Oil Company and produced from the Bakken formation at an initial production rate of 701 BOE/D. Northern Oil holds a 2.5% working interest in the well.


• The RS-F. Armour 156-92-1213H, located in Mountrail County, ND is a horizontal well operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 364 BOE/D. Northern Oil holds a 2.5% working interest in the well.


• The EN-Enget 158-93-1009-1H, located in Mountrail County, ND is a horizontal well operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 110 BOE/D. Northern Oil holds a 2.5% working interest in the well.


• The RS-Thompson-155-92-0112H, located in Mountrail County, ND is a horizontal well operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 431 BOE/D. Northern Oil holds a 2.5% working interest in the well.


• The Lacy 11-12H, located in Mountrail County, ND is a horizontal well operated by Whiting Petroleum and produced from the Bakken formation at an initial production rate of 2,376 BOE/D. Northern Oil holds a .5% working interest in the well.


• The Austin 3-4H, located in Mountrail County, ND is a horizontal well operated by EOG Resources and produced from the Bakken formation at an initial production rate of 1,866 BOE/D. Northern Oil holds a .5% working interest in the well.

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin. More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about expected use of proceeds, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern Oil’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which Northern Oil conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting Northern Oil’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:  Investor Relations: 772-219-7525

Northern Oil expects to use the net proceeds from the offering to repay a portion of the current borrowings under its revolving credit facility, primarily including borrowings incurred in connection with its recently announced acquisition of additional Bakken assets.

The offering was conducted pursuant to Northern Oil’s effective shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective shelf registration statement. Copies of the final prospectus, including the prospectus supplement, can be obtained at the SEC’s website, www.sec.gov, or from C. K. Cooper & Company, 18300 Von Karman Avenue, Suite 700, Irvine, CA 92612.

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin.  More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about expected use of proceeds, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern Oil’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which Northern Oil conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting Northern Oil’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:  Investor Relations: 772-219-7525

Northern Oil expects to use the net proceeds from the offering to repay a portion of the current borrowings under its revolving credit facility, primarily including borrowings incurred in connection with its recently announced acquisition of additional Bakken assets.

The offering was conducted pursuant to Northern Oil’s effective shelf registration statement previously filed with the Securities and Exchange Commission (the “SEC”).  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.  Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective shelf registration statement.  Copies of the final prospectus, including the prospectus supplement, can be obtained at the SEC’s website, www.sec.gov, or from C. K. Cooper & Company, 18300 Von Karman Avenue, Suite 700, Irvine, CA 92612.

ABOUT NORTHERN OIL AND GAS, INC.

Northern Oil is an exploration and production company based in Wayzata, Minnesota with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin.  More information about Northern Oil can be found at www.NorthernOil.com or by calling investor relations at 772-219-7525.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this press release regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about expected use of proceeds, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern Oil’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which Northern Oil conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting Northern Oil’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:  Investor Relations: 772-219-7525

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil’s core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish trend. Northern Oil’s secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:

Investor Relations
772-219-7525

Under the Exploration and Production Agreement, Slawson will be responsible for all operations concerning the properties and is expected to drill up to 45 gross Bakken wells on the newly acquired acreage through 2010. Northern Oil currently expects drilling to be focused on approximately 23,000 core Bakken acres located in Mountrail County, encompassing a significant portion of Northern’s existing core Bakken acreage.

On February 27, 2009, Northern Oil completed the closing of a revolving credit facility with CIT Capital that provides up to $25 million of working capital for exploration and production operations. Under this facility, $11 million of financing was initially made available to the Company. In conjunction with the acquisition described above, CIT agreed to immediately increase the current borrowing available under the facility to $16 million. The additional borrowing made available from CIT was used to fund the acquisition of the properties acquired from Windsor Bakken LLC. Northern Oil expects to redetermine its borrowing base as of June 30, 2009. Given recent production growth and increases in commodity prices, Northern Oil believes it is likely the borrowing base available under the facility may be increased at that time.

Michael Reger, Chief Executive Officer, commented, “We are excited to have purchased an interest in the Windsor Bakken acreage package and especially to have the opportunity to develop this acreage with Slawson Exploration Company. In our experience we have found Slawson to be an extremely efficient and skilled operator in the Bakken. This new acreage is highly complementary to our existing acreage position, especially in Mountrail County, North Dakota and we expect a significant number of the wells to be drilled on the undeveloped portion to include acreage Northern currently controls. We believe the addition of such acreage, together with the increased borrowing base under our CIT facility, will enable Northern Oil to continue to aggressively execute its development plans within a highly productive area of the Bakken. This acquisition of production and reserves, at a very compelling value, represents the types of opportunities we have been targeting in the current market environment.”

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil’s core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish trend. Northern Oil’s secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:

Investor Relations
772-219-7525

Reported sales of oil and natural gas totaled $640,734 for the first quarter of 2009, compared to $285,729 for the first quarter of 2008. Actual sales in the first quarter were $1,046,199 after subtracting a one-time true up of accrued production from 2008. Despite the production disruptions and completion delays in the first quarter, Northern Oil increased its actual production volume by approximately 37% quarter-over-quarter, the fifth consecutive quarterly increase in production. General and administrative expense was $568,635, a decrease of 30% from the fourth quarter of 2008.

Northern Oil produced 27,560 barrels of oil and 2,043 Mcf of associated natural gas during the first quarter of 2009, compared to 3,143 barrels and 4 Mcf during the first quarter of 2008. The realized price per barrel of oil, including hedges, was $38.16, ($37.52 excluding hedges) versus first quarter average pricing of $42.91 for WTI Cushing Spot Oil. Realized prices, including the effect of hedges, were over 49% lower in the first quarter 2009 compared to the fourth quarter of 2008 as a result of lower commodity prices and a decreased amount of production subject to cash flow hedges. Northern Oil’s lease operating expense in the first quarter of 2009 was $5.26 per barrel of oil, inclusive of severance taxes, $3.42 per barrel of oil excluding severance taxes. To-date, Northern Oil has developed approximately 4% of its total acreage inventory and has maintained its 100% drilling success rate during 2008 and 2009.

As previously announced, during the first quarter Northern Oil secured a $25 million revolving credit facility with CIT Capital USA Inc. ("CIT"), to provide working capital for exploration and production. Northern Oil plans to use this facility throughout 2009 to fund continued developmental drilling of its core Bakken position. As of March 31, 2009, Northern Oil had borrowed $6 million under the facility at a weighted average interest rate of 6.2%.

Northern Oil’s Chief Executive Officer, Michal Reger commented, “We have a substantial position of core Bakken acreage and continue to develop our inventory. Given the significant decline in drilling and completion costs, coupled with rising oil prices, we have seen a vast improvement in the economics of our wells. We have completed recent wells for under $4 million and expect this trend to continue. Our strategy consists of continuing to develop our core Bakken acreage at a very low cost and seek strategic opportunities to grow our presence in the play. As we recently announced, we successfully drilled and completed a third Red River well in Sheridan County, Montana and 15 additional completions in the North Dakota Bakken and Three Forks trend. Since that announcement, we have completed three additional Bakken wells, bringing our current number of producing wells to 56.”

Northern Oil is currently participating in the drilling or completion of 22 Bakken or Three Forks wells in North Dakota listed below.

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Spanish trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

This press release references working interest percentages that are the best estimates of the Company. Final working interest is not determined until a division order title opinion is completed by the operator and signed off by all participants.

INVESTOR RELATIONS CONTACT
WSR, Inc.: 772-219-7525

Michael Reger, Chief Executive Officer, is scheduled to present on Monday, April 20, 2009 at 3:45 PM Eastern. A live webcast of the presentation will be available and can be accessed by logging onto www.ipaa.org or clicking the following link: www.investorcalendar.com/CEPage.asp?ID=143525

ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil’s core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com

SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

INVESTOR RELATIONS CONTACT
WSR, Inc.: 772-219-7525

Michael Reger, Chief Executive Officer, commented, “We continue to add production and reserves in both our Red River program as well as our Bakken and Three Forks program. We continue to see service costs decline and look forward to the continued successful development of our substantial core Bakken position.”

RECENTLY COMPLETED WELLS

• The Friedrich Trust 31 #1, located in Sheridan County, MT is a vertical well operated by Brigham Exploration and produced from the Red River formation at an initial production rate of 200 barrels of oil per day. Northern Oil holds a 23.5% working interest in the well.


• The Jericho 1-5H, located in Mountrail County, ND is a horizontal well operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 753 barrels of oil per day. Northern Oil holds a 41.5% working interest in the well.


• The Pet-Inc Federal 22-44HR, located in McKenzie County, ND is a horizontal re-entry well operated by St. Mary Land & Exploration and produced from the Bakken formation at an initial production rate of 466 barrels of oil per day. Northern Oil holds a 7.25% working interest in the well.


• The Thorvald 1-35H, located in Dunn County, ND is a horizontal well operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 851 barrels of oil per day. Northern Oil holds a 6.75% working interest in the well.


• The Bangen 41-27H, located in Mountrail County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 605 barrels of oil per day. Northern Oil holds a 5.75% working interest in the well.


• The MOI 22-15H, located in Billings County, ND is a horizontal re-entry well operated by Whiting Oil and Gas and produced from the Three Forks formation at an initial production rate of 400 barrels of oil in a 19 hour period. Northern Oil holds a 2.5% working interest in the well.


• The Gladys 1-9H, located in McKenzie County, ND is a horizontal well operated by Newfield Exploration and produced from the Bakken formation at an initial production rate of 1,052 barrels of oil per day. Northern Oil holds a 2.5% working interest in the well.


• The Wisness 1-4H, located in McKenzie County, ND is a horizontal well operated by Newfield Exploration and produced from the Bakken formation at an initial production rate of 1026 barrels of oil per day. Northern Oil holds a 1.75% working interest in the well.


• The Sig 21X-6, located in Burke County, ND is a horizontal well operated by XTO Energy and produced from the Bakken formation at an initial production rate of 132 barrels of oil per day. Northern Oil holds a 1.5% working interest in the well.


• The Armstrong 1-24H, located in Billings County, ND is a horizontal well operated by Continental Resources and produced from the Bakken formation at an initial production rate of 385 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.


• The Norton 24-12H, located in Dunn County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 581 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.


• The Jodi Carlson 34-12H, located in Dunn County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 661 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.


• The Fladeland 11-30H, located in Mountrail County, ND is a horizontal well operated by Fidelity Exploration and produced from the Bakken formation at an initial production rate of 1083 barrels of oil per day. Northern Oil holds a 1.25% working interest in the well.


• The Shobe 24-20H, located in Mountrail County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 379 barrels of oil per day. Northern Oil holds a .75% working interest in the well.


• The Jay Sandstrom 34-31H, located in Mountrail County, ND is a horizontal well operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 796 barrels of oil per day. Northern Oil holds a .5% working interest in the well.


• The Landblom 1-35H, located in Divide County, ND is a horizontal well operated by Continental Resources and produced from the Bakken formation at an initial production rate of 688 barrels of oil per day. Northern Oil holds a .5% working interest in the well.

ADDITIONAL WELLS DRILLING AND COMPLETING

OPERATOR	WELL NAME	NOG WI	COUNTY	LOCATION	STATUS	OBJECTIVE
EOG RESOURCES	SIDONIA 1-06H	11.00%	MOUNTRAIL	6-158N/90W	COMPLETING	BAKKEN
EOG RESOURCES	AUSTIN 3-4H	1.00%	MOUNTRAIL	4-154N/90W	COMPLETING	BAKKEN
EOG RESOURCES	PARSHALL  12-27H	0.50%	MOUNTRAIL	27-152N/90W	COMPLETING	BAKKEN
EOG RESOURCES	BURKE 17-23H	3.50%	MOUNTRAIL	23-155N/90W	COMPLETING	BAKKEN
EOG RESOURCES	FERTILE 2-1H	0.50%	MOUNTRAIL	1-151N/90W	DRILLING	BAKKEN
EOG RESOURCES	AUSTIN 23-32H	0.50%	MOUNTRAIL	32-154N/90W	DRILLING	BAKKEN
EOG RESOURCES	COTTONWOOD 1-22H	0.50%	MOUNTRAIL	22-157N/92W	COMPLETING	BAKKEN
HESS CORPORATION	RS-THOMPSON 155-92-0112H	2.53%	MOUNTRAIL	1-155N/92W	COMPLETING	BAKKEN
HESS CORPORATION	RS-F. ARMOUR 156-92-1213H	3.00%	MOUNTRAIL	12-156N/92W	COMPLETING	BAKKEN
HESS CORPORATION	EN-ENGET 158-93-1009H	2.50%	MOUNTRAIL	10-158N/93W	COMPLETING	BAKKEN
WINDSOR ENERGY	WOLF 1-4H	16.00%	MOUNTRAIL	4-151N/92W	COMPLETING	BAKKEN
SLAWSON EXPLORATION	BANDIT  1-29H	27.00%	MOUNTRAIL	29-152N/91W	COMPLETING	BAKKEN
SLAWSON EXPLORATION	NIGHTCRAWLER  1-17H	5.00%	MOUNTRAIL	17-152N/91W	COMPLETING	BAKKEN
SLAWSON EXPLORATION	COLT 1-16H	1.50%	MOUNTRAIL	16-157N/90W	DRILLING	BAKKEN
MARATHON OIL	KENT CARLSON 14-36H	6.25%	DUNN	36-144N/95W	DRILLING	BAKKEN
MARATHON OIL	STROMMEN 14-36H	2.50%	DUNN	8-145N/94W	DRILLING	BAKKEN
MUREX PETROLEUM	CHAD ALLEN 25-36H	6.25%	MOUNTRAIL	25-155N/91W	COMPLETING	BAKKEN
WHITING OIL AND GAS	LACEY 11-12H	1.00%	MOUNTRAIL	12-152N/92W	DRILLING	BAKKEN

ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil”s core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com

SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company”s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company”s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

This press release references working interest percentages that are the best estimates of the Company. Final working interest is not determined until a division order title opinion is completed and signed off by all participants.

INVESTOR RELATIONS CONTACT
WSR, Inc.: 772-219-7525

ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

INVESTOR RELATIONS CONTACT
WSR, Inc.: 772-219-7525

WAYZATA, MINNESOTA — March 2, 2009 — Northern Oil and Gas, Inc. (AMEX: NOG) (“Northern Oil”) today announced fourth quarter 2008 net earnings of $1,391,744 (representing $0.04 per share) on revenues of $1,907,667 for the quarter.  These results represent a 60% increase in earnings and a 40% increase in revenue over the third quarter of 2008.

Fiscal year 2008 total net earnings were $2,359,751 (representing approximately $0.07 per share) on revenue of $4,321,879, compared to a net loss of $4,305,293 for fiscal year 2007.  Northern Oil drilled with a 100% success rate in 2008 with 59 Bakken or Three Forks wells completed or completing and three successful Red River discoveries.

Northern Oil’s Chief Executive Officer—Michael Reger—commented, “With our strong balance sheet and the addition of our recently-announced credit facility, we expect to remain able to fund our 2009 drilling schedule consistent with previous expectations.  Our low cost structure and high concentration of core Bakken acreage enable our aggressive drilling plan to remain economic for us and we continue to push forward with the development of our position.”

Our most recent and highest working interest well—the Jericho—will provide Northern Oil a 42% working interest in a Bakken well that is expected to drill and complete for approximately $4 million, substantially below average drilling and completing costs from 2008 summer highs.  Mr. Reger further commented, “We expect to be drilling and completing several wells for under $4 million by the end of fiscal year 2009, which is more in line with historical service costs.”

Northern Oil plans to spend approximately $26 million in 2009 for developmental drilling on its Bakken and Three Forks position, a decrease from a previous budget of $31 million primarily due to lower drilling and completing costs.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.           

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

CONTACT:

Investor Relations
772-219-7525

Michael Reger, Chief Executive Officer, commented, “We are very pleased to have closed on this facility that will provide non-dilutive funding for our developmental Bakken drilling activities for the foreseeable future.  This facility, along with our forecasted cash flow from producing wells, will enable Northern Oil to fund its antncipated development plans with a high degree of certainty at a very competitive cost of capital.  We believe the closing of this transaction in the current credit market environment further validates the value, consistency and future opportunity contained in our substantial Bakken drilling inventory despite a challenging crude oil market.”

Northern Oil has the option to designate the reference rate of interest for each specific borrowing under the facility as amounts are advanced.  Borrowings may be based on an interest rate equal to 5.50% over the one-month, three-month or six-month London Interbank Offered Rate (LIBOR), as designated by Northern Oil, with a minimum base rate of 2.50%.  Any borrowings not designated as being based upon LIBOR will have no specified term and generally will bear interest at a rate equal to 4.50% over the greater of (a) the current three-month LIBOR rate plus 1.0% or (b) the current prime rate as published by JP Morgan Chase Bank, N.A.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.           

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

CONTACT:

Investor Relations
772-219-7525

Northern Oil Chief Executive Officer Michael Reger commented, “This facility will enable us to fund the development of our substantial Bakken and Three Forks position throughout 2009.  In addition, the recent dislocation in near-term commodity prices has created an opportunity for us to aggressively exploit additional drilling opportunities.  We believe that the factors creating the lower commodity price environment we are currently experiencing will prove to be relatively short term in nature and we anticipate that a return to more normalized pricing will reward the companies with the foresight to continue development in this growing field.  With this facility and our forecasted cash flow from producing wells, we will be able to fund our 2009 development plans at a very competitive cost of capital.” 

2009 CAPITAL BUDGET

Northern Oil participates on a heads-up basis in the drilling of wells in spacing units containing Northern Oil acreage.  Based on current permitting activities, Northern Oil anticipates the following capital expenditures and operating expenses in 2009:

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

CONTACT:

Investor Relations
772-219-7525

Northern Oil is currently participating in the drilling or completion of an additional 21 Bakken and Three Forks wells.  In addition, Northern Oil’s acreage has been included in over 200 permitted or docketed-for-permit drilling locations in North Dakota.

Michael Reger, Chief Executive Officer, commented, “We continue to add production and reserves at an accelerating pace and we expect to meet or exceed previously announced 2008 exit rate production guidance.  We also continue to see higher initial production rates in our wells and are starting to see lower drilling and completion costs.”

RECENTLY COMPLETED WELLS

• The Peacemaker 1-8H well, located in Mountrail County, ND is operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 1190 barrels of oil per day.  Northern Oil holds a 15% working interest in the well.
• The Austin 19-30H well, located in Mountrail County, ND is operated by EOG Resources and produced from the Bakken formation at an initial production rate of 2,450 barrels of oil per day.  Northern Oil holds a 5% working interest in the well.
• The Clearwater 1-2H well, located in Mountrail County, ND is operated by EOG Resources and produced from the Bakken formation at an initial production rate of 800 barrels of oil per day.  Northern Oil holds a 4% working interest in the well.
• The Mark Sandstrom 14-32H well, located in Mountrail County, ND is operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 850 barrels of oil per day.  Northern Oil holds a 5% working interest in the well.
• The Skachenko 1-31H well, located in Dunn County, ND is operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 870 barrels of oil per day.  Northern Oil holds a 6.25% working interest in the well.
• The Elveida 1-33H well, located in Divide County, ND is operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 300 barrels of oil per day.  Northern Oil holds a 10% working interest in the well.
• The Arvid 1-35H well, located in Divide County, ND is operated by Continental Resources and produced from the Three Forks formation at an initial production rate of 360 barrels of oil per day.  Northern Oil holds a 5% working interest in the well. 
• The EN-Hynek 155-93-0112H well, located in Mountrail County, ND is operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 675 barrels of oil per day.  Northern Oil holds a 3% working interest in the well.
• The BL-Blanchard 155-96-1522H well, located in Williams County, ND is operated by Hess Corporation and produced from the Bakken formation at an initial production rate of 675 barrels of oil per day.  Northern Oil holds a 2.5% working interest in the well.
• The Oilers 1-10H well, located in Richland County, MT is operated by Crusader Energy and produced from the Three Forks formation at an initial production rate of 80 barrels of oil per day prior to final completion.  Northern Oil holds a 7.5% working interest in the well.

With these most-recent ten completions, Northern Oil now holds working interest in 38 producing wells and has drilled with a 100% success rate in 2008.

Northern Oil is a working interest participant in an additional 21 wells currently drilling or completing in the North Dakota Bakken and Three Forks trend.  The table below summarizes current drilling and completion activity in which Northern Oil is a working interest participant.

ADDITIONAL WELLS DRILLING AND COMPLETING

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

CONTACT:

Investor Relations
772-219-7525

"All members of our management team believe that our current stock price does not properly reflect the value of our developing leasehold position," said Michael Reger, Chief Executive of Northern Oil.  "The desire of each member of our management team to forego cash compensation in exchange for stock evidences our collective belief in the future of the company and continued successful development of our acreage position."

On September 22, 2008, the Board of Directors of Northern Oil approved the 2008 Stock Compensation Plan (the "Plan") for management-level employees and officers of the Company.  The Plan was implemented in order to give executives the ability to elect to receive common stock in lieu of cash compensation.  The plan does not call for increased or additional payment, solely for the substitution of stock for cash. All management-level employees and officers of Northern Oil elected to receive stock compensation in lieu of cash salary compensation for the entire 2009 and 2010 calendar years upon adoption of the Plan.

In addition to electing to receive stock as salary, our CEO and CFO have terminated their 10b5-1 automatic selling plans which made sales of stock each month in order to diversify their holdings.

About Northern Oil and Gas, Inc.:

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Our core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken Play where the company controls approximately 65,000 net mineral acres.  Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

Safe Harbor:

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Contact:
Michael Reger
CEO

Ryan Gilbertson
CFO

Phone: 952-476-9800
Fax: 952-476-9801
www.NorthernOil.com

Michael Reger, Chief Executive Officer, commented, “We believe the power of our low-overhead model is apparent in our profit margins in the third quarter, despite falling commodity prices.  We expect to continue to increase production at an accelerating pace throughout 2009 as we continue to expand our drilling program.  It is important to note that at this point we have only developed approximately 2% of our entire Bakken acreage inventory; as such, we have significant opportunity remaining in our acreage position.  We expect to continue to develop our acreage on pace with previously announced guidance.  In addition, we believe our oil price hedges extending through 2008 at approximately $105 per barrel of oil will assure us continued price protection during this volatile market period.”

Northern Oil recently participated in the successful drilling and completion of an additional seven oil producing wells in the North Dakota Bakken trend.  The seven wells began producing at an average initial rate of 740 barrels of oil per day.

RECENTLY COMPLETED WELLS

• The Wayzata 1-13H well, located in Mountrail County, ND is operated by EOG Resources and produced from the Bakken formation at an initial production rate of 1,355 barrels of oil per day.  Northern Oil holds a 6.25% working interest in the well.
• The Shonna 1-15H well, located in Divide County, ND is operated by Continental Resources and produced from the Bakken formation at an initial production rate of 403 barrels of oil per day.  Northern Oil holds a 15% working interest in the well. 
• The Voyager 1-18H well, located in Mountrail County, ND is operated by Slawson Exploration and produced from the Bakken formation at an initial production rate of 929 barrels of oil per day.  Northern Oil holds a 5% working interest in the well.
• The Payara 1-21H well, located in Mountrail County, ND is operated by Slawson Exploration and produced from the Bakken formation (with a single-stage fracture stimulation) at an initial production rate of 622 barrels of oil per day.  Northern Oil holds a 3% working interest in the well.
• The Strommen 14-8H well, located in Dunn County, ND is operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 632 barrels of oil per day.  Northern Oil holds a 3% working interest in the well.
• The Voigt 11-15H well, located in Dunn County, ND is operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 550 barrels of oil per day.  Northern Oil holds a 1% working interest in the well.
• The Willard Kovaloff 21-17H well, located in Dunn County, ND is operated by Marathon Oil and produced from the Bakken formation at an initial production rate of 695 barrels of oil per day.  Northern Oil holds a 1% working interest in the well.

“Northern Oil continues to achieve consistent success in our non-operated drilling projects.  As we exit 2008, we are beginning to make preparations to develop our substantial inventory of high working interest drilling units that we believe now entail less risk than our early wells given the evolution of the Williston Basin oil fields,” Reger added.
With these most-recent seven completions, Northern Oil now holds working interest in 28 producing wells and has drilled with a 100% success rate in 2008.

ADDITIONAL WELLS DRILLING AND COMPLETING

Northern Oil is also a working interest participant in an additional 15 wells currently drilling or completing in the Bakken and Three Forks/Sanish formations.  The table below summarizes current drilling activity in which Northern Oil is a working interest participant.

“Northern Oil’s current participation in the Bakken and Three Forks/Sanish formations continues to accelerate and our working interest in wells continues to increase,” added Reger.  “We have not seen a reduction in capital being devoted to the development of the Bakken play despite lower oil prices.  Further, permitting and drilling activity continues to increase particularly in North Dakota.”  Northern Oil acreage has now been included in approximately 170 permitted or docketed-for-permit drilling locations.

DRILLING AGREEMENT

On October 30, 2008, Northern Oil executed a drilling agreement with Slawson Exploration in Mountrail County, North Dakota for a one-well drilling arrangement.  Under that agreement, Northern Oil agreed to sell 120 net acres in Section 5, Township 151 North, Range 92 West for $3,000 per net acre.  Once the transaction is complete, Northern Oil will control a 42% working interest in the section.  The Jericho 1-5H well, expected to be drilled pursuant to the agreement, will be a horizontal Bakken well drilled in the 640 acre section.  The agreement is conditioned on Slawson commencing drilling by March 1, 2009.  Reger commented, “This agreement with Slawson is exciting for the company because it allows us to participate with a 42% working interest in a well directly offsetting high rate production and substantiates the value of the subject acreage.  Slawson Exploration has a track record of success in close proximity to this location and we believe this agreement allows us to leverage their expertise while retaining a significant working interest.”

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota.  Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish trend. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR:

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

CONTACT:

Investor Relations
772-219-7525

"All members of our management team believe that our current stock price does not properly reflect the value of our developing leasehold position," said Michael Reger, Chief Executive of Northern Oil.  "The desire of each member of our management team to forego cash compensation in exchange for stock evidences our collective belief in the future of the company and continued successful development of our acreage position."

On September 22, 2008, the Board of Directors of Northern Oil approved the 2008 Stock Compensation Plan (the "Plan") for management-level employees and officers of the Company.  The Plan was implemented in order to give executives the ability to elect to receive common stock in lieu of cash compensation.  The plan does not call for increased or additional payment, solely for the substitution of stock for cash. All management-level employees and officers of Northern Oil elected to receive stock compensation in lieu of cash salary compensation for the entire 2009 and 2010 calendar years upon adoption of the Plan.

In addition to electing to receive stock as salary, our CEO and CFO have terminated their 10b5-1 automatic selling plans which made sales of stock each month in order to diversify their holdings.

About Northern Oil and Gas, Inc.:

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Our core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken Play where the company controls approximately 65,000 net mineral acres.  Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

Safe Harbor:

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Contact:
Michael Reger
CEO

Ryan Gilbertson
CFO

Phone: 952-476-9800
Fax: 952-476-9801
www.NorthernOil.com

WAYZATA, MINNESOTA — September 11, 2008 — Northern Oil and Gas, Inc. (AMEX: NOG) (“Northern Oil”) today announced the company recently participated in the successful drilling and completion of an additional eight oil producing wells in the emerging Bakken trend of North Dakota.  The eight wells began producing at an average initial rate of 768 BOPD.

• The EN-Person-1102H-1 well, located in Mountrail County, ND was operated by Hess Corporation and posted an initial production rate of 950 BOPD. Northern holds a 12.5% working interest in the well.
• The RS-Agribank-1102H-1 well, located in Mountrail County and operated by Hess Corporation posted an initial production rate of 450 BOPD. Northern holds a 7.5% working interest in the well.
• The EN-Neset-0706H-1 well, located in Mountrail County and operated by Hess Corporation posted an initial production rate of 550 BOPD. Northern holds a 3.0% working interest in the well.
• The Pathfinder 1-9H well, located in Mountrail County and operated by Slawson Exploration, posted an initial production rate of 1500 BOPD. Northern holds a 3.0% working interest in the well.
• The Prowler 1-16H well, also located in Mountrail County and operated by Slawson Exploration, posted an initial production rate of 950 BOPD. Northern holds a 3.5% working interest in the well.
• The Bonney 34-3H well, located in Dunn County and operated by Burlington Resources (Conoco), posted an initial production rate of 450 BOPD. Northern holds a 3% working interest in the well.
• The Clive Pelton 34-23H well, located in Dunn County and operated by Marathon Oil Company, posted an initial production rate of 650 BOPD. Northern holds a 3% working interest in the well.
• The Eckelberg 41-26H well, also located in Dunn County and operated by Marathon, posted an initial production rate of 650 BOPD. Northern holds a 1% working interest in the well.

“Northern continues to make significant progress with its operating partners as we continue to develop our North Dakota acreage position with solid results from the prolific Bakken trend,” said Michael Reger, Northern Oil’s Chief Executive Officer. “Our recent success in Mountrail and Dunn Counties helps confirm our belief that the North Dakota Bakken trend is present over the entirety of our acreage position. Our strategy to partner with multiple operators allows us to harvest value from our leasehold assets while spreading execution risk across many of the region’s most experienced and successful operators.”

With the eight recent completions, Northern holds working interest in 21 producing wells.

ADDITIONAL WELLS DRILLING AND COMPLETING

Northern is also a working interest participant in an additional five wells targeting the North Dakota Bakken trend and another five wells targeting the Three Forks/Sanish plays. Given the recent success in the Three Forks/Sanish from other operators in the region, Northern anticipates positive results from this additional horizon.  The table below summarizes current North Dakota drilling activity in which Northern is a working interest participant.

“Northern’s exposure to additional Bakken drilling as well as our recent entry into the Three Forks/Sanish trend with Continental Resources as one of our operating partners should help us meet our objective of exiting 2008 with production of approximately 1,100 BOPD,” added Reger. “We are encouraged by the success of our accelerated drilling program and growing production profile.”

LEASEHOLD ASSET EXPANSION

With recent leasehold acquisitions, Northern’s acreage position in the North Dakota Bakken and Three Forks/Sanish plays has grown to approximately 65,000 net acres.  “While much of the large acreage positions have been leased, Northern continues to have success acquiring additional leasehold assets through its long-term relationships with many North Dakota land professionals,” said Reger. “Our ability to grow our acreage position adjacent to growing production and drilling activity has been a key to Northern’s success. We continue to lease in the core areas of the original North Dakota Bakken trend and our leasehold interests have been included in over 100 drilling permits.”

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish play where the Company controls approximately 65,000 net mineral acres. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

Safe Harbor:

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).  All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.  When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes.  Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices. 

We have based these forward-looking statements on our current expectations and assumptions about future events.  While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. 

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WAYZATA, MINNESOTA — August 6, 2008 — Northern Oil and Gas, Inc. (AMEX: NOG) (“Northern Oil” and the “Company”) announced today it has posted a second quarter net profit of $283,465 or $0.01/share on revenues of $764,528.

Revenues increased 165% in the second quarter of 2008 compared to the first quarter of 2008 and general and administrative expense decreased by approximately 20%.

Based on approved and pending drilling permits, Northern Oil expects to exit fiscal year 2008 on a run rate of approximately 1,100 gross barrels of oil production per day. Based on current oil prices, this equates to annualized revenue of approximately $35 million entering fiscal year 2009. General and administrative expenses are expected to remain static at approximately $2 million per year.

Northern Oil expects to add substantial production growth in fiscal year 2009 in addition to the 2008 expected exit run rate. The Company controls a significant inventory of majority working interest drilling locations that can be operated by the Company in 2009. Northern Oil expects to develop its full 60,000 net acre North Dakota Bakken position through 2011, consisting of approximately 90 net wells, which expose the Company to potential reserves in excess of 45 million barrels of oil, not accounting for Three Forks/Sanish productivity, enhanced oil recovery or down spacing.

As of August 5, 2008, Northern Oil has participated or is currently participating as a working interest partner in the drilling of 26 gross wells. Northern Oil has achieved a 100% success rate in wells drilled during 2008.

Michael Reger, Northern Oil’s Chief Executive Officer commented, “We are very pleased to move into profitability at this early stage. We believe our low fixed overhead will translate into increasing net profit margins as we accelerate the development of our Bakken and Three Forks/Sanish acreage positions. Drilling continues to proceed at a pace that exceeds our expectations. Our production expenses for the quarter averaged approximately $1.25 per barrel of oil making this play economic even at substantially lower oil prices.”

Northern expects to provide an operational update listing recent well completions and initial production rates in the near future.

About Northern Oil and Gas, Inc.:

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern’s core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken and Three Forks/Sanish play where the Company controls approximately 60,000 net mineral acres. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region.

More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

Safe Harbor:

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company’s operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

Contact

In addition, Northern holds a working interest in an additional fourteen wells that are in the drilling or completion stages and is included in nearly 70 permitted or docketed-for-permit drilling locations that are expected to drill between now and early 2009. Northern Oil controls approximately 60,000 net acres in the North Dakota Bakken play, yielding over 90 net well locations based on 640 acre drilling units. In addition, Northern controls approximately 22,000 net acres in Sheridan County, Montana and has successfully completed two wells to the Red River formation.

"Northern's first mover leasing advantage is yielding significant rewards for our stakeholders," said Northern Chief Executive Officer Michael Reger. "We continue to accelerate our participation in successful North Dakota Bakken development, providing solid production results. With over 70 permits pending, our net production should continue to grow at an increasing rate in the second half of the year."

The recently completed Johnson 33 #1H well operated by Brigham Exploration is representative of Northern's growing success in the North Dakota Bakken play. The well flowed at an early rate of 650 BOPD, with sustained production of approximately 560 BOPD. The Johnson well is located significantly north of the Parshall field, representing an important Northern extension of prolific Bakken production. Northern participated in the Johnson 33 #1H with a 16.5% Working Interest.

"With approximately 10,000 net acres near the successful Johnson 33 #1H well, Northern is well positioned to benefit from Brigham's important success," Reger said. "We expect to participate in a number of offset locations to the Johnson 33 well in the coming months." A complete review of current producing wells can be found at the conclusion of this release.

Northern is currently participating in Continental Resources' Skachenko 1-31H well in Dunn County, ND. The well is a direct offset to the Bice 1-29H, also drilled by Continental. The Bice well - announced in late May - is among the first Three Forks/Sanish discoveries in the region.

"Northern's first Three Forks/Sanish well is significant in that, if successful, it provides an additional opportunity to grow reserves and production in what we believe is another prolific oil resource within our leasehold position," Reger added.

On June 30, Northern called for conversion the balance of outstanding warrants issued in 2007 in conjunction with the company's private placement offering. As of today, all holders have exercised their warrants resulting in net proceeds to the company of approximately $14.5 Million.

"The conversion of the outstanding warrants provides an influx of capital that will allow us to comfortably accelerate our drilling program in the second half of the year," Reger said. "It also allows us to continue to opportunistically grow our leasehold position as we did last month with the acquisition of an additional 24,000 net acres in Dunn County, North Dakota, which was closed last week."

Northern's producing, drilling and permitted locations can be found in the table below.