Northern Oil and Gas, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Capitalized costs related to the exploration and development of crude oil and natural gas properties

Capitalized costs are summarized as follows for the years ended December 31, 2014, 2013 and 2012, respectively:

	Year Ended December 31,
	2014		2013		2012
Capitalized Certain Payroll and Other Internal Costs	$	2,153,448	$	3,295,427	$	8,477,678
Capitalized Interest Costs		4,409,544		5,976,981		5,929,473
Total	$	6,562,992	$	9,272,408	$	14,407,151

Defined prices for each quarter

SEC defined prices for each quarter in 2014 were as follows:

SEC Defined Prices for 12-Months Ended	NYMEX Oil Price (per Bbl)		Henry Hub Gas Price (per MMBtu)
December 31, 2014	$	94.99	$	4.35
September 30, 2014	$	99.08	$	4.24
June 30, 2014	$	100.11	$	4.10
March 31, 2014	$	98.30	$	3.99

Reconciliation of denominators used to calculate basic and diluted EPS

The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the years ended December 31, 2014, 2013 and 2012 are as follows:

	Year Ended December 31,
	2014		2013		2012
Weighted Average Common Shares Outstanding – Basic		60,691,701		62,364,957		62,485,836
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock		169,068		382,341		383,243
Weighted Average Common Shares Outstanding – Diluted		60,860,769		62,747,298		62,869,079
Restricted Stock Excluded From EPS Due To The Anti-Dilutive Effect		15,590		7,330		18,348