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Northern Oil and Gas, Inc. Provides Operations Update and 2012 Capital Expenditure Budget

ACREAGE AND DRILLING UPDATE

During the fourth quarter of 2011 through December 12, 2011, Northern Oil has acquired leasehold interests covering approximately 7,600 net mineral acres for an aggregate cost of $19 million, or approximately $2,500 per net acre. As a result, Northern Oil controls over 160,000 net acres in the Williston Basin Bakken and Three Forks play as of December 12, 2011.

Northern Oil has spud approximately 11 net wells during the fourth quarter of 2011 through December 12, 2011, bringing the cumulative net wells spud in 2011 to approximately 37 through December 12, 2011. Northern Oil reaffirms that it expects to spud approximately 40 total net wells in 2011.

During the fourth quarter of 2011 through December 12, 2011, Northern Oil has added production from 98 gross (9.9 net) wells. Northern Oil is currently participating in an additional 203 gross (21.4 net) Bakken or Three Forks wells drilling, awaiting completion or completing as of December 12, 2011. Northern Oil reaffirms that it expects to exit the fourth quarter of 2011 with production volumes of approximately 10,000 barrels of oil equivalent per day.

2012 DRILLING AND CAPITAL EXPENDITURES

Based on recent rig activity and pace of drilling in the Williston Basin, Northern Oil currently expects to spud approximately 44 net wells and spend approximately $325 million in drilling capital expenditures during 2012. Northern Oil anticipates average completed costs per net well will approximate $7.4 million during 2012, primarily due to its exposure to more long lateral wells, which are increasingly drilled on 1,280 acre spacing units using synthetic proppants.

Northern Oil also expects to continue deploying additional capital toward strategic acreage acquisitions throughout 2012, generally consistent with past practices. Northern Oil currently expects to fund all 2012 capital expenditures with cash flows and borrowings.

2012 DERIVATIVES ACTIVITY

Northern Oil currently has approximately 1.4 million total barrels of oil subject to derivative contracts for 2012, including one million barrels swapped with a weighted average price of $90.87, and 400 thousand barrels collared with a weighted average floor price of $88.28.

RECENT COMPLETION HIGHLIGHTS

The following table illustrates certain highlighted well completions in which Northern Oil has recently participated with a working interest ("WI").

             WELL NAME           OPERATOR   COUNTY, STATE WI*   IP**
         ROSE 147-99-28-2H        CONOCO     MCKENZIE, ND     50.00%   628
           MUSTANG 2-22H         SLAWSON    MOUNTRAIL, ND     39.56% 1,135
        OLSON RANCH 1-21-16H   G3 OPERATING ROOSEVELT, MT     33.00%   607
         STAMPEDE 2-36-25H       SLAWSON     WILLIAMS, ND     25.00%   666
          LYNN 5502 11-10H        OASIS      WILLIAMS, ND     15.68%   669
     EN- JORSTAD 157-94-0904-1     HESS     MOUNTRAIL, ND     11.89% 1,558
          GABRIEL 3-36-25H       SLAWSON     MCKENZIE, ND     10.94% 3,525

* The WI noted above are based on Northern Oil's internal records and are subject to verification by operators' third-party legal counsel in connection with the preparation of final division order title opinions.

** The "IP" means the initial production ("IP") rate expressed in barrels of oil equivalent per day. The IP rate is the 24-hour "Peak Production Rate." Peak Production Rates may be established following the initial day of production, depending on operator design or well flowback profiles. The IP rate may be estimated based on other third party estimates or limited data available at this time. The IP is computed using barrels of oil equivalent.

CURRENT DRILLING ACTIVITY

The following table illustrates the Bakken or Three Forks wells drilling, awaiting completion or completing in which Northern Oil is participating with a working interest of at least one percent (1%) as of December 12, 2011.

                    WELL NAME             OPERATOR COUNTY, STATE WI*
      1          MENACE 1-17-20H            SLAWSON    MOUNTRAIL, ND 59.56%
      2     KNUDSVIG 12-1-160-100H 1PB       BAYTEX      DIVIDE, ND  57.11%
      3           HIGHLAND 2-9H             SINCLAIR   MOUNTRAIL, ND 54.57%
      4           PROBE 1-19-30H            SLAWSON    MOUNTRAIL, ND 50.06%
      5       JOHNSON 30-31-161-99H          BAYTEX      DIVIDE, ND  47.93%
      6           COLETTE 21X-18              XTO       WILLIAMS, ND 46.46%
      7     JOHNSON 25-36-160-100H 1BP       BAYTEX      DIVIDE, ND  45.10%
      8        TITAN 36-25-164-99H           SAMSON      DIVIDE, ND  42.67%
      9         SORCERER 1-14-15H           SLAWSON    MOUNTRAIL, ND 42.16%
      10           SCOUT 1-18H              SLAWSON    MOUNTRAIL, ND 41.29%
      11          TURBO 2-21-16H            SLAWSON       DUNN, ND   36.43%
      12         CONDOR 1-36-25H            SLAWSON     MCKENZIE, ND 35.94%
      13    CHARLIE SORENSON 17-8 2-H       BRIGHAM    MOUNTRAIL, ND 33.58%
      14       DENALI 13-24-163-98H          SAMSON      DIVIDE, ND  32.45%
      15          HOLLAND 9-19H           NORTH PLAINS  WILLIAMS, ND 32.40%
      16        LIDO 11-2-162-98H            SAMSON      DIVIDE, ND  29.83%
      17        CROSBY CREEK 1-5H           SINCLAIR      DUNN, ND   29.63%
      18      STARLING 11-2-163-96H          SAMSON      DIVIDE, ND  29.27%
      19    AV-SCHWARTZ-163-93-1102H-1        HESS       BURKE, ND   29.08%
      20           RAVEN 1-13H              SLAWSON    MOUNTRAIL, ND 28.47%
      21    OAKLAND 151-103-29B-32-1H      PETRO HUNT   MCKENZIE, ND 28.47%
      22          OPPEGAARD 9-9H          NORTH PLAINS  WILLIAMS, ND 28.12%
      23        VANVILLE 21-2635H             EOG        BURKE, ND   28.08%
      24        VANVILLE 22-2623H             EOG        BURKE, ND   28.08%
      25       DORADO 14-23-162-98H          SAMSON      DIVIDE, ND  27.83%
      26      PELICAN 26-35-162-96H          SAMSON      DIVIDE, ND  27.30%
      27       ZI CLIFFSIDE 12-11H          ZENERGY     MCKENZIE, ND 26.80%
      28        REGAL 12-1-162-98H           SAMSON      DIVIDE, ND  25.89%
      29       PIGEON 30-31-162-96H          SAMSON      DIVIDE, ND  24.63%
      30      PHEASANT 14-23-163-96H         SAMSON      DIVIDE, ND  24.03%
      31          PERSON 24-35H             MARATHON      DUNN, ND   23.03%
      32         STALLION 2-1-12H           SLAWSON    MOUNTRAIL, ND 22.41%
      33        KANDIYOHI 19-2932H            EOG        BURKE, ND   21.88%
      34     HORSE CREEK 5004 42-35H         OASIS      MCKENZIE, ND 21.87%
      35         GORHMAN 14-31TFH            CONOCO       DUNN, ND   21.36%
      36         GORHMAN 24-31MBH            CONOCO       DUNN, ND   21.36%
      37      MARAUDER 13-24-162-98H         SAMSON      DIVIDE, ND  21.30%
      38        THOMTE 8-5-163-99H           SAMSON      DIVIDE, ND  21.30%
      39         CUTTHROAT 1-22H            SLAWSON     RICHLAND, MT 20.00%
      40           ROVER 1-20H              SLAWSON     RICHLAND, MT 20.00%
      41   CPEC JURASIN 32-29-163N-100W      SAMSON      DIVIDE, ND  19.95%
      42     OBENOUR 150-99-21-16-1H        NEWFIELD    MCKENZIE, ND 18.75%
      43           REGETH 22-1H               HESS        DUNN, ND   18.75%
      44 EN-LONETREE FARMS 156-94-0805H-2     HESS     MOUNTRAIL, ND 18.71%
      45      CRESCENT FARMS 7-6 1H         ZAVANNA     MCKENZIE, ND 17.88%
      46           SEVRE 1-22H            CONTINENTAL   WILLIAMS, ND 17.19%
      47   STATE JAEGER 1-16-21H-142-94       OXY         DUNN, ND   15.63%
      48     EN-KIESEL 155-94-1918H-2         HESS     MOUNTRAIL, ND 15.03%
      49          ANDROID #1-6H             SLAWSON     RICHLAND, MT 14.78%
      50        GO-SOLBERG 15-31H             HESS      WILLIAMS, ND 14.76%
      51        NOMAD 6-7-163-99H            SAMSON      DIVIDE, ND  14.71%
      52   BW-R PETERSON 149-99-0211H-1       HESS      MCKENZIE, ND 13.95%
      53     MONTCLAIR #1-12-163-99H         SAMSON      DIVIDE, ND  13.29%
      54           RHODA 24-31H             MARATHON   MOUNTRAIL, ND 12.82%
      55          HILLY 22-15 1H            BRIGHAM     MCKENZIE, ND 12.66%
      56          MIRAMAR 1-32AH          CONTINENTAL   MCKENZIE, ND 12.63%
      57     EN-PERSON 156-94-1102H-2         HESS     MOUNTRAIL, ND 12.55%
      58     EN-PERSON 156-94-1102H-3         HESS     MOUNTRAIL, ND 12.55%
      59         LOSTWOOD 1-1201H             EOG      MOUNTRAIL, ND 12.52%
      60        LOSTWOOD 18-1224H             EOG      MOUNTRAIL, ND 12.52%
      61      STANLEY 28-21-156-91H          SAMSON    MOUNTRAIL, ND 12.50%
      62         CHITWOOD 34-36H            WHITING     MCKENZIE, ND 12.50%
      63        MATTER STATE 3-17H        CORNERSTONE    BURKE, ND   12.50%
      64      MOE 19-18-162-100H 1PB         BAYTEX      DIVIDE, ND  12.24%
      65          FERTILE 28-26H              EOG      MOUNTRAIL, ND 11.88%
      66        LOSTWOOD 16-3526H             EOG      MOUNTRAIL, ND 11.52%
      67        LOSTWOOD 21-1402H             EOG      MOUNTRAIL, ND 11.51%
      68        LOSTWOOD 22-1423H             EOG      MOUNTRAIL, ND 11.51%
      69    EN-POSTOVIT 157-93-0706H-1        HESS     MOUNTRAIL, ND 11.35%
      70         BURESH 34-10TFH            WHITING      STARK, ND   11.32%
      71        LOSTWOOD 25-1510H             EOG      MOUNTRAIL, ND 11.20%
      72        LOSTWOOD 10-2227H             EOG      MOUNTRAIL, ND 11.19%
      73     EN-SELBY 157-93-0805H-1          HESS     MOUNTRAIL, ND 11.18%
      74          SIDONIA 9-35H               EOG      MOUNTRAIL, ND 10.78%
      75       CLEARWATER 25-3202H            EOG      MOUNTRAIL, ND 10.29%
      76     EN-SABLE 157-93-3534H-1          HESS     MOUNTRAIL, ND 10.23%
      77          LESLIE 42X-13               XTO       MCKENZIE, ND 10.16%
      78      SHORT PRAIRIE 2-1011H           EOG       WILLIAMS, ND  9.94%
      79   ELSIE DVORAK 1-8-17H-141-96        OXY         DUNN, ND    9.74%
      80           JOHNSON 1-3H             SINCLAIR    MCKENZIE, ND  9.42%
      81         GJOA LYNN 10012H           ARSENAL    MOUNTRAIL, ND  9.38%
      82        SQUADRON 1-15-14H           SLAWSON    ROOSEVELT, MT  8.78%
      83         ANDERSON 12-18H            TRUE OIL    MCKENZIE, ND  8.66%
      84        CHRISTIANA 21X-06             XTO       WILLIAMS, ND  8.12%
      85   STATE JABLONSKY 1-12H-141-95       OXY         DUNN, ND    7.97%
      86         CITADEL 2-11-2H            SLAWSON    ROOSEVELT, MT  7.79%
      87         SCHILKE 16-21-1H         NORTH PLAINS  WILLIAMS, ND  7.69%
      88            QUALE 1-1H            CONTINENTAL   MCKENZIE, ND  7.69%
      89         1-H OSMOND 3-10            NEWFIELD    WILLIAMS, ND  7.51%
      90           BURIAN 1-27H           CONTINENTAL   BILLINGS, ND  7.36%
      91          INGEBRET 1-8H           CONTINENTAL    DIVIDE, ND   7.33%
      92      BLACK HAWK USA 31-16H         MARATHON   MOUNTRAIL, ND  7.05%
      93          THORVALD 2-6H           CONTINENTAL     DUNN, ND    6.70%
      94        HALLIDAY 2-25-36H           HUNT OIL      DUNN, ND    6.38%
      95         GO-BIWER 15-35H              HESS      WILLIAMS, ND  6.25%
      96   EN-JOHNSON -A 155-94-2932H-2       HESS     MOUNTRAIL, ND  6.25%
      97        KANDIYOHI 21-3427H            EOG        BURKE, ND    6.25%
      98        DULETSKI 21-30TFH           WHITING     BILLINGS, ND  6.25%
      99       LONETREE 2758 43-9H           OASIS     ROOSEVELT, MT  6.25%
     100  DAVID SADOWSKY 1-11-14H-142-96      OXY         DUNN, ND    6.25%
     101     KOSTENKO 30-138-97 A 1H       CHESAPEAKE    STARK, ND    6.22%
     102            KATE 2-19H            CONTINENTAL     DUNN, ND    6.15%
     103           HAUGE 13-21H            SM ENERGY     DIVIDE, ND   6.08%
     104       CLEARWATER 16-3301H            EOG      MOUNTRAIL, ND  6.07%
     105         FOREST 26-35 #1H           BRIGHAM     MCKENZIE, ND  6.00%
     106         1-H HUNTER 17-20           NEWFIELD    WILLIAMS, ND  5.55%
     107   SETTERLUND 159-94-28B-33-1H     PETRO HUNT    BURKE, ND    5.31%
     108           KELTER 7-6H              ZENERGY     MCKENZIE, ND  5.02%
     109          BRUCE  5-8 1H             ZAVANNA     WILLIAMS, ND  4.69%
     110      SONOMA 19-30-161-92HOR         SAMSON      BURKE, ND    4.23%
     111     OXY OLSON 160-90-10-P-1H         OXY        BURKE, ND    4.17%
     112         AMBUSH 1-31-30H            SLAWSON     WILLIAMS, ND  3.96%
     113    EN-JOHNSON 155-94-2017H-2         HESS     MOUNTRAIL, ND  3.91%
     114           WILLY 31X-3                XTO       WILLIAMS, ND  3.90%
     115           ZEPHYR 2-36H             SLAWSON    MOUNTRAIL, ND  3.76%
     116    EN-STENBAK 157-94-1324H-1         HESS     MOUNTRAIL, ND  3.65%
     117       CHALMERS 5300 31-19H          OASIS      MCKENZIE, ND  3.45%
     118 GO-GOLDEN VALLEY 157-96-2833H-1      HESS      WILLIAMS, ND  3.13%
     119      HARDSCRABBLE 10-2536H           EOG       WILLIAMS, ND  3.13%
     120 EAST GRIZZLY FEDERAL 3-25-13-3H     KODIAK     MCKENZIE, ND  3.13%
     121        HALLIDAY 1-30-31H           HUNT OIL      DUNN, ND    3.09%
     122           WOLTER 15-8H            SM ENERGY     DIVIDE, ND   3.08%
     123          GLENDON 1-17H           CONTINENTAL   WILLIAMS, ND  3.05%
     124    DAKOTA-3 BEAR DEN 24-13H2        DAKOTA     MCKENZIE, ND  2.92%
     125    EN-THRONSON 154-94-2029H-1        HESS     MOUNTRAIL, ND  2.88%
     126      MOE 29-32-162-100H 1BP         BAYTEX      DIVIDE, ND   2.79%
     127     ABELMANN STATE 21-16 2H        BRIGHAM     MCKENZIE, ND  2.73%
     128    JORGENSON 158-94-12C-1-1H      PETRO HUNT    BURKE, ND    2.57%
     129     EN MOORE 157-93-1819H-1          HESS     MOUNTRAIL, ND  2.51%
     130    EN-NORSTEDT 157-93-1720H-1        HESS     MOUNTRAIL, ND  2.50%
     131   EN-SORENSON B-155-94-3526H-1       HESS     MOUNTRAIL, ND  2.35%
     132          LEISETH 1-24H            SM ENERGY    MCKENZIE, ND  2.34%
     133         SMOKEY 3-6-7-14H            KODIAK     MCKENZIE, ND  2.20%
     134      EN-HYNEK155-93-0112H-2          HESS     MOUNTRAIL, ND  1.82%
     135      EN-HYNEK155-93-0112H-3          HESS     MOUNTRAIL, ND  1.82%
     136        JOYCE REPP 21-17H           MARATHON      DUNN, ND    1.70%
     137        LIBERTY LR 12-11H             EOG      MOUNTRAIL, ND  1.59%
     138          OVERLAND #1-8H          CONTINENTAL    BURKE, ND    1.57%
     139       OBRIGEWITCH 11-17TFH         WHITING      STARK, ND    1.56%
     140     SKUNK CREEK 2-8-17-14H3         KODIAK       DUNN, ND    1.56%
     141      SKUNK CREEK 2-8-17-15H         KODIAK       DUNN, ND    1.56%
     142    FRASER FEDERAL 5300 24-34H       OASIS      MCKENZIE, ND  1.52%
     143          SCHILKE 1-30H           CONTINENTAL    DIVIDE, ND   1.51%
     144         PALERMO 2-6-34H            HUNT OIL   MOUNTRAIL, ND  1.47%
     145         KLEFSTAD 24-25H            WHITING    MOUNTRAIL, ND  1.46%
     146       TIM ECKELBERG 44-22H         MARATHON      DUNN, ND    1.39%
     147       HARDSCABBLE 8-0409H            EOG       WILLIAMS, ND  1.33%
     148           HOVDEN 15-1H               HESS        DUNN, ND    1.30%
     149          OSTLUND 11-14H            MARATHON   MOUNTRAIL, ND  1.30%
     150         OSTLUND 11-14TFH           MARATHON   MOUNTRAIL, ND  1.30%
     151       JAMES HILL 10-0112H            EOG      MOUNTRAIL, ND  1.25%
     152          RAYMOND 21X-5               XTO       WILLIAMS, ND  1.16%
     153         SIDONIA 15-1102H             EOG      MOUNTRAIL, ND  1.13%
     154        DAWSON 5494 13-1H            OASIS     MOUNTRAIL, ND  1.13%
     155     EN-RHODE 157-94-3625H-1          HESS     MOUNTRAIL, ND  1.07%
     156     CLIFFORD BAKKE 26-35 4H        BRIGHAM    MOUNTRAIL, ND  1.04%
     157     CLIFFORD BAKKE 26-35 3H        BRIGHAM    MOUNTRAIL, ND  1.04%
     158         CLEARWATER 4-11H             EOG      MOUNTRAIL, ND  1.04%
     159           RON 28-33 1H             BRIGHAM     MCKENZIE, ND  1.04%
     160         BRUNDTLAND 1-15H         CONTINENTAL    DIVIDE, ND   1.04%

* The WI noted above are based on Northern Oil's internal records and are subject to verification by operators' third-party legal counsel in connection with the preparation of final division order title opinions.

MANAGEMENT COMMENT

Michael Reger, Chief Executive Officer, commented, "We believe our growing asset base in the Williston Basin Bakken and Three Forks play will provide for another excellent year in 2012. Given the continued industry-wide investments being made in this play, we believe Northern Oil is well positioned to continue to drive its share value in 2012."

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 play 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 regions in which our Company conducts business, oil and gas prices, 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, and 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
Erik Nerhus
952-476-9800

SOURCE Northern Oil and Gas, Inc.