Northern Oil and Gas down as co plans sale of additional $150 mln convertible notes

Northern Oil and Gas

12/06/2025 21:48

** Shares of Northern Oil and Gas NOG.N down 2.8% in extended trading to $30.29 as it looks to raise more capital

** Minnetonka, Minnesota-based firm says intends to offer an additional $150 mln of its 3.625% convertible notes due 2029

** New notes will form part of same series of the $500 mln principal notes that were issued in Oct 2022

** It plans to use net offering proceeds for general purposes, initially for partial repayment of its revolver

** Co also to use portion of proceeds to pay for capped calls, derivative transactions used to mitigate shareholder dilution

** NOG says its primary strategy is to acquire and invest in non-operated minority working and mineral interests in the premier hydrocarbon producing basins in the U.S.

** With 98.7 mln shares outstanding, co has ~$3 bln market cap

** NOG shares on Thurs edged up 6 cents to close at $31.15. YTD, stock down 16%

** Avg rating among 11 analysts is "buy" with $34 median PT, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))