Northern Oil and Gas announces increased borrowing base on credit facility

Northern Oil and Gas announced that, on June 29, it entered into an amendment that increases the borrowing base under its revolving credit facility to $300M. At June 29, Northern Oil had no borrowings outstanding under the facility. The next redetermination of the borrowing base is scheduled for October 1. CEO Michael Reger commented, "The pace of drilling and completions in the Williston Basin has continued at extremely high levels through the first half of 2012. With $300M in borrowing capacity at attractive rates under our revolving credit facility, we believe we are well positioned to continue to expand and execute on our business plan."