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NOG currently has 51.54 million shares outstanding.
9.2 million new shares represents 17.8% of current outstanding shares.
This announcement explains some, but not all, of the drop in NOG's share price today.
9 million shares x $18 = $162 million. Year-to-date, NOG spent $42 million acquiring acreage in the Bakken, and says it will use the proceeds of this sale to buy additional acreage.
Shortly after that announcement, NOG released its 2011 CAPEX program: NOG will spud 36 wells in 2011, compared with 25 wells in 2010.
NOG's CAPEX for 2011 is $227 million, compared with $132 million for 2010.
