Northern Oil & Gas, Inc.

See Non-GAAP Financial Measures below Capital expenditures of $210.0 million, excluding non-budgeted acquisitions and other items, down 12% from the second quarter of 2024 Completed twenty-two ground game transactions adding approximately 2,600 net acres and 4.8 net wells for $31.2 million, inclusive of associated development costs In April 2025, closed on previously announced Upton County, Texas acquisition adding 2,275 net acres for total cash consideration of $61.7 million, net of closing adjustments.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Raised $211.2 million in a re-opening of 2029 Convertible Notes and repurchased over 1.1 million shares of common stock at an average price of $31.15 per share in conjunction with the offering Expect to receive a $48.6 million legal settlement, net of legal expenses Updates guidance on operating costs, production levels and capital expenditures MINNEAPOLIS (BUSINESS WIRE) - July 31, 2025 - Northern Oil and Gas, Inc.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

CAPITAL EXPENDITURES AND ACQUISITIONS Capital expenditures for the second quarter were $210.0 million (excluding non-budgeted acquisitions and other).

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Notably, capital expenditures were down 16.0% quarter over quarter and 11.5% year over year while production volumes remained robust.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

NOG s Permian Basin spending was 34% of the capital expenditures for the second quarter, the Williston was 25%, the Uinta was 15% and the Appalachian was 26%.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

LIQUIDITY AND CAPITAL RESOURCES NOG had total liquidity in excess of $1.1 billion as of June 30, 2025, consisting of $1.1 billion of committed borrowing availability under its Revolving Credit Facility and $25.9 million cash on hand.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

With a focus on creating shareholder value for the long-term, we anticipate incremental growth being focused on the strong backlog of inorganic opportunities available to us in the marketplace today, commented Nick O Grady, NOG s Chief Executive Officer.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

com attendee 790034429 Dial-In Number (800) 715-9871 (US Canada) and (646) 307-1963 (International) Conference ID 4503139 - NOG Second Quarter 2025 Earnings Conference Call Replay Dial-In Number (800) 770-2030 (US Canada) and (647) 362-9199 (International) Replay Access Code 4503139 - Replay will be available through August 15, 2025 ABOUT NOG NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

All statements other than statements of historical facts included in this release regarding NOG s financial position, operating and financial performance, business strategy, dividend plans and practices, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

The Company s primary strategy is investing in non-operated minority working and mineral interests in oil and natural gas properties, with a core area of focus in five premier basins across North America.

SEC original ↗Northern Oil & Gas, Inc. — 10-Q Quarterly report10-QAug 7, 2026

When used in this release, forward-looking statements are generally accompanied by terms or phrases such as estimate, project, predict, believe, expect, continue, anticipate, target, could, plan, intend, seek, goal, will, should, may or other words and similar expressions that convey the uncertainty of future events or outcomes.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG s control.

SEC original ↗Northern Oil & Gas, Inc. — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Legal Proceedings 56 Item 1A.

SEC original ↗Northern Oil & Gas, Inc. — 10-Q Quarterly report10-QAug 7, 2026

Given the uncertainty inherent in any projection, actual results may differ from the estimates and assumptions used, and conditions may change, which could materially affect amounts reported in the unaudited condensed consolidated financial statements.

SEC original ↗Northern Oil & Gas, Inc. — 10-Q Quarterly report10-QAug 7, 2026

These risks are heightened in a low commodity price environment, which may present significant challenges to these third-party operators.

SEC original ↗Northern Oil & Gas, Inc. — 10-Q Quarterly report10-QAug 7, 2026