Northern Oil and Gas Inc.

Entered into two additional independent, separately negotiated exchange agreements with institutional holders of its 8% senior unsecured notes due 2020. Together the new agreements represent a debt reduction of $22.8 million par value of notes. Northern has now entered into agreements to retire $43,757,000 of its remaining notes.

In one of the new exchanges for the notes, representing $19,807,000 of par value, Northern will issue 6,582,018 shares of common stock to the Investor. In the other exchange for the notes, representing $3 million of par value, Northern will issue 1,012,652 shares of common stock to the Investor.