NOG - Mergers and acquisitions

Acquires Core Uinta Basin Royalty and Minerals Bolt-on with Significant Inventory; Executes on Additional Ground Game; Well Performance Driving Increased Production Guidance Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today provided an update on a number of business matters, including a recent bolt-on acquisition, an update on ground game transactions, capital expenditure and production guidance and other third quarter information. UINTA ROYALTY AND MINERAL ACQUISITION HIGHLIGHTS $98.3 million initial closing settlement for non-budgeted bolt-on acquisition of producing royalty and mineral interests with significant undeveloped inventory in Duchesne and Uintah Count

HIGHLIGHTS Bolt-on acquisition of core non-operated working interest properties in the Northern Delaware Basin for a purchase price of $130.0 million Average production of ~2,500 Boe per day (68% oil, 2-stream) expected for 2023, generating an estimated $55 million of unhedged cash flow in 2023 at strip pricing as of October 10, 2022 (~2.4x transaction multiple) ~2,100 net acres located in Lea and Eddy Counties, NM and Loving & Winkler Counties, TX with significant Tier-1 inventory (sub-$40 per barrel average breakevens) Strong growth and free cash flow profile with ~$25 million capital spending expected on the assets in 2023 Transaction expected to be accretive to key financial m