Northern Oil and Gas, Inc. (NOG) Reports Strong Profit Growth For 2009
Northern Oil and Gas, Inc. (NOG) reported 2009 net income of $2.8 million, or $0.08 per share. The company earned $2.4 million in 2008. Revenues increased to $15.1 million in 2009, up from $3.5 million in 2008. Northern Oil and Gas, Inc. reported proved reserves of 6.1 million barrels of oil equivalent (BOE) at the end of 2009, using new reserve reporting rules issued by the Securities and Exchange Commission (SEC) for use in 2009. These rules mandated the use of monthly average prices to calculate reserves, which in 2009 were $53.00 per barrel for oil and $3.93 per Mcf…