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Northern Oil and Gas, Inc. Message Board

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    • Agreed

      And if Street Sweeper's math is to be trusted > $135K for every 0.5% of working interest means they even think NOG is undervalued.

    • jackhiller@ymail.com jackhiller May 10, 2011 6:22 PM Flag

      It is too small to matter in the sense that the remaining properites subtracted by the small amount alleged to have been pirated away are yet hugely valuables.

      If the newly ap[pointed auditor or SEC or a derivitive suit determined wrong doing, then the company stands to recoup this minor loss.

      sO IN THE SCHEME OF THINGS, THE COMPANY IS PROVING ITSELF VALUABLE FAR ABOVE ITS TRADING PRICE, EVEN IF MANAGEMENT WERE GUILTY OF SOME DOUBLE DEALING.

    • Do the math that was done on another topic on this board >

      If Street Sweeper is saying the 0.5 % interest should been worth $135 K, then NOG's existing wells should be valued at over $2 billion. This would be an absurd value for these wells, but that is what this "Short" article is saying.

      You can not just do the math one way to serve the Short argument.

    • Does anyone know the exact value associated with the interest in the 70 wells that the shell company acquired? The article said that one was valued conservatively at $135k. A small number for sure, but that was just one of 70.

      Now consider that the company trades at 150 times earnings, so despite the huge market cap the numbers for the shell company are a little more real.

      Even if the numbers are small, if the article is correct, then someone basically took company wells and put them into their own bank account. Can't do that. Not sure I understand someone simply saying the amount of money is too small to matter.

    • As someone stated above this would be interesting article if there were some real $$'s behind it, which there is not.

      Now if NOG started "giving away" their interest in the wells like the Sniper Federal or the Stallion to a hairdresser then that would have been some real news.

      All of these petty little stories have really nothing to do with what the company is doing.

      If the company hits their production goals for this year and continues to de-risk most of their acreage then there is real value here and that is the fundamental story. All of this other drama is nothing but a game by the shorts.

    • I suggest Jamesis and wcf forget about writing short fluff pieces about NOG and seriously think about a career change writing term papers for students. Nobody cares about streetsweeper.

    • jackhiller@ymail.com jackhiller May 10, 2011 4:28 PM Flag

      Give it up. Not even the intelligent Shorts care, because of the small property value alleged to have been double dealed.

      If that is all you have to justify shorting, you are in trouble.

    • who cares?

      i care

      great points

      Turns out Brittany Reger was hired as an "independent contractor" doing paperwork for the biggest grantee of interests by the Company. You have to admire someone worth nearly $100 million still out doing accounting work. Nice coincidence it happens to be for the group acquiring assets from her husband's (CEO's) publicly traded company. Her husband can sign the paperwork for NOG and then she can handle the admin side for Ashwood.

      Also impressive that a 22 year old cosmetologist is shrewd enough to set up an LLC to acquire all of the interests. Another coincidence she is friends with the CFO's wife.

      The Company says there is no better investment in properties than buying back NOG stock at $21.50. They made an error selling stock for $20.25 in November, but only 9 million shares.

      The Company stated on the call they will be more cognitive in the future of appearances with transactions. Funny, their Corporate Governance Document already said they would avoid even the appearance.

      Sounds like they were giving away interests. The reason related parties are usually looked at is to make sure when properties are given away that there is no incentive to give something away of value to a related person.

      Why was the cosmetologist involved at all? Can someone answer this question?

    • jackhiller@ymail.com jackhiller May 10, 2011 4:10 PM Flag

      THe business lacks any more uncertainty than any E&P. The earnings report shows they are highly profitable and growing rapidly.

      The only uncertainty is if there may have been double dealing for a few dollars.

      The stock price is far below its value now that the Williston has recently been found to have far more O&G than previously recognized, and the latest fracking technologies have recently ramped up recovery proportions.

      You are missing the forrest over an incidental indiscrtion, if the allegation were even proved.

      Best of luck

    • Just read it, I think that is the most damning evidence so far. NOG is toast. Give it a couple years max, before it collapses in a scandal, perhaps even sooner few months to a year. Remember it took along time before investors and Wall Street would accept that Enron was a scam. Some things never change. People want to believe that they found a great investment, and really can make fast money. There's a movie called The Prime Gig which shows how stock scammers operate, in this case they sell unwitting investors shares in a bogus gold mine. Stock scams are probably the easiest crime to pull off, the rewards can be in the millions, and there are seldom significant consequences.

      The SEC needs to be alerted to this, I wonder if Melissa Davis has forwarded her article to them?

      • 2 Replies to jamesis333
      • Jamesis, you mean the Melissa Davis that has trouble with the truth herself.
        Although her StreetSweeper bio touts her seven years of experience as “one of the top investigative reporters at TheStreet.com,” Ms. Davis recently informed Matt Kantrowitz, RedChip’s Director of Equity Research, that she was only a freelance contributor to the site, worked out of her Oklahoma City home, and barely met anyone at the company during her time there. Does this sound like the description of a “top” reporter? One would expect more integrity from someone who works in an industry built upon objectivity and the pursuit of truth.

      • jackhiller@ymail.com jackhiller May 10, 2011 3:13 PM Flag

        james, what your missing is that this self-dealing, if true, does not lower the value of the acreage acquired in the Williston Basin. Company leadership may pay civil fines or go to jail for crime, but the property owned by the company did not lose any significant amount of oil.

        My bet is that it gets bought out far above the current stock price, because the value is there (even if by dumb luck).

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