NOG Increases 2010 Drilling Guidance and Provides Operational Update

Press release: October 12, 2010.
October Presentation.

NOG expects to spud approximately 24 net wells by the end of 2010, increased from previous guidance of 18 net wells.

The increase in number of net wells is probably due to increased number of drilling rigs.

NOG has acquired a total of 38,864 net acres year-to-date in the core of the Williston Basin Bakken and Three Forks play at a total cost of approximately $42.2 million. This represents an average cost of $1,086/acre.

The press release then lists 60 completed wells that NOG has participated in.
By operator (approx):

• EOG: 19
• Slawson: 11
• CLR: 6
• XTO: 4
• Others: the rest

NOG had a high of 49.5% working interest in a Hess well, and a low of 1.8% in an EOG well and almost every amount of working interest in between.

The press release then lists 90 wells that NOG is currently participating in.
By operator (by approx):

• Slawson: 17
• EOG: 12
• CLR: 7

NOG has a high of 60.9% working interest in a Slawson well (Vagabond 1-27H), and a low of 0.52% in a Petro-Hunt well (Fort Berthold 152-94-13B-24-1H) l and almost every amount of working interest in between.

NOG's open commodity derivative contracts as of September 30, 2010:

• 2010: 288,000 barrels at $80.41 (weighted average price)
• 2011: 720,000 barrels at $80.89 (weighted average price)
• 2012: 339,000 barrels at $80.62 (weighted average price)