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Northern Oil and Gas says 1Q production up

WAYZATA, Minn. (AP) -- Northern Oil and Gas Inc. said Monday that it expects an increase in first-quarter production.

The oil and gas company, based in Wayzata, Minn., expects first-quarter production to rise 30 percent from a year ago, averaging about 11,100 barrels of oil equivalent per day for the quarter ending March 31.

Northern expects the price per barrel of oil equivalent will be between $82 and $83.

CEO Michael Reger said that the company was able to add nearly 10 net wells and increase its production during the quarter, despite bad weather.

Shares of the company, which focuses its operations in North Dakota and Montana, fell $1.24 to close at $12.79 amid a broader market sell-off.