Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

v3.4.0.3
RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2016
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS

The Company is a non-operating participant in a number of wells in North Dakota that are operated by Emerald Oil, Inc. (“Emerald”), by virtue of leased acreage or working interests held by the Company in drilling units operated by Emerald. Until January 2, 2016, James Russell (J.R.) Reger was a director (and until March 2014 was an executive officer) of Emerald, which is a publicly-traded company.  J.R. Reger is also the brother of Northern Oil’s Chief Executive Officer, Michael Reger. As of March 31, 2016, the Company no longer considers Emerald a related party.  At December 31, 2015, the Company’s accounts receivable and accounts payable balances with Emerald were $1.1 million and $0.3 million, respectively.  The Company recorded total revenues of $2.0 million from Emerald for the three months ended March 31, 2015.

All transactions involving related parties are approved or ratified by the Company’s Audit Committee.