Additionally, NOG announced that it has repurchased shares of its common stock, additional shares of its 6.5% Series A Convertible Preferred Stock (the 'Preferred Stock') and additional amounts of its 8.125% Senior Unsecured Notes due 2028 (the 'Notes').
WARRANT EXCHANGE TRANSACTION
As part of the Reliance Marcellus acquisition, NOG previously issued 3.25 million Warrants exercisable at
All Warrants issued in this acquisition have been cancelled in exchange for shares of common stock, on a cashless basis
3,294,092 potential shares of common stock issuable upon exercise of the Warrants (as adjusted for prior cash dividends) have been reduced to 2,322,690 common shares issued in the exchange transaction, a reduction of 971,402 shares
EQUITY AND DEBT REPURCHASES
NOG has repurchased an additional
NOG's
NOG has repurchased an additional
MANAGEMENT COMMENT
'We have substantially reduced the potential shares issuable under the Warrants,' commented Chad Allen, NOG's Chief Financial Officer. 'This helps continue to simplify our capital structure. We also continue to reduce our share count and fixed charges through opportunistic repurchases of our debt and our common and preferred stock.'
DISCLAIMER
This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
ABOUT NOG
NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within
Contact:
Tel: (952) 476-9800
Email: ir@northernoil.com
(C) 2022 Electronic News Publishing, source