Northern Oil and Gas : May Investor Presentation

Investor Presentation

May 2024

Contents

I. Investment Highlights

II. Recent Financial Results

III. Appendix

Investor Presentation May 2024 | 2

The NOG Investment Proposition

1

National Non-Op

Franchise - offering scale

and diversification by commodity across three core basins in the United States.

2

Cash Generation -

~$333MM Free Cash

Flow1 in last twelve

months

3

Return of Capital

Commitment: Growing

Dividend and Shareholder

Returns

4

Strong Balance Sheet with Organic De-Levering to Target of <1.0x Net Debt to LQA EBITDA

5

Dominant Data &

Technical Advantage =

Consistent and Reliable

Counterparty

1) Free Cash Flow is a non-GAAP financial measure. See Appendix.

Investor Presentation May 2024 | 3

NOG At-a-Glance1

Disciplined aggregator of accretive, high-quality minority interests, aligned with the best operators.

~10,000/1,000

GROSS/NET WELLS

Marcellus

14% Williston

41%

Permian

45%

DIVERSIFICATION BY BASIN2

1. All data as of March 31, 2024, unless otherwise noted.
2. Production contribution by basin.

~272k

NET ACRES

70,000

OIL PRODUCTION

VOLUME BBL/DAY

~100

OPERATORS

23.7%

ROCE3

119.4

AVERAGE PRODUCTION

MBOE/DAY

<1.25x

NET DEBT :

LQA Adj. EBITDA3

1. Adjusted EBITDA, Adjusted ROCE and Net Debt are non-GAAP financial measures. See Appendix for methodology and reconciliations

Investor Presentation May 2024 | 4

Leading Non-Op Upstream Franchise1

• NOG's acquisitions have created a high-return, national

PRODUCTION BY REGION (BOE)non-op franchise that is benefitting from economies of scale

Appalachia	Williston
14%
41%	Region

Williston

Permian

Permian Appalachia

45%

MTND

SD

PA

NM

TX

• NOG is positioned to continue to capitalize on increased non-operated opportunities as the preferred non-op consolidator

PRODUCTION BY COMMODITY (BOE)1

40%

Commodity

Type

		Oil	60%
		Gas

1) All data as of March 31, 2024, unless otherwise noted.

Investor Presentation May 2024 | 5

What We Do

THE NON-OPERATOR MODEL

A flexible and moderated approach to upstream investment, offering capital discipline, cost control & protection from downside exposure.

We do not drill wells or	We acquire fractional	Ability to control capital	Small company (~40
operate rigs	working interests in	expenditures higher	employees) with big
	drilling units	and lower	company advantages

Investor Presentation May 2024 | 6

How We Do It

OUR INVESTMENT APPROACH

We apply modern portfolio theory in our investment approach to pursue optimal risk adjusted returns. Diversification across geography, commodity, operators and deal structure or concentration provides us with a degree of optionality unavailable to most upstream companies.

We focus on finding the best	Analysis of proprietary data	Active commodity	Our approach contributed
full cycle opportunities to	and ability to back test prior	hedging mitigates	to NOG's outperformance
complement current	investments informs our	systematic risk and	vs. the S&P SPDR XOP
portfolio positioning	decision process	protects our exposure	ETF since 2018(1)

1) The XOP is the S&P SPDR Oil & Gas Exploration and Production ETF, measurement period 1/1/2018 to 5/10/2024.

Investor Presentation May 2024 | 7

Benefits of NOG's Non-Operated Model

Efficient Operations Enhance Return Profile

• Peer leading cost structure & Corporate ROCE
• Unit G&A costs are 50% less than operating peers
• Scalable Model: NOG has <40 employees

Leveraging Data and Experience

• Proprietary database, built from participation in over 10,000 wells
• Enables well-informed and experience-backed investment decisions on a timely basis

Capital Allocation Flexibility

• Ability to "cherry-pick" from >100 operating partners across ~1MM+ gross acres in 3 basins
• Superior flexibility to manage capital allocation and to do so quickly
• Costs limited to drilling, completion, and acreage

Non-Op Tailwind

• NOG is capitalizing on industry strategy shift as operators focus on free cash flow generation instead of growth
• This has led to record level non-op "Ground Game" opportunities

Investor Presentation May 2024 | 8

Focus on the Highest-Quality Areas

No requirement for contiguous acreage allows NOG to participate in prime drilling opportunities across basins or regions.

Williston Basin: ~180,640 Net Acres		Permian Basin: ~36,600 Net Acres	Appalachian Basin: ~55,000 Net Acres

NOG

Wells in Progress

Wells Completed 2021 - 2023

NOG

Wells in Progress

Wells Completed 2021 - 2023

NOG

Wells in Progress

Wells Completed 2021 - 2023

1) Acreage as of March 31, 2024.

Investor Presentation May 2024 | 9

The Ideal Partner: There is NOG, and then everyone else

NOG's enterprise value is nearly three times larger (3x) than all its public non-op competitors combined - NOG can solve significant capital needs for its partners that its competitors cannot.

ENTERPRISE VALUE

($ in millions)

All Public Peers Combined: ~$2,035.0 MM

Dominant scale and technical advantage:

$6,026

NOG's size provides better access to capital and superior data science

$809$960

$86$180

Peer 1

Peer 2

Peer 3

Peer 4

NOG

Source: Bloomberg Professional as of 05/9/24.

Investor Presentation May 2024 | 10