Here It Is: NOG Earnings: 4Q10 and Full -- Bakken, North Dakota, USA

Most important thing on this page: a) NOG has acquired more acreage at reasonable prices; and, b) they plan to drill 6 wells per 960-acre average spacing unit. (One well per 160 acres -- something I've talked about for quite some time in general at this blog.)

Link here.

Misses by $0.02. Misses on revenues. Reiterates outlook for 2011.

2010 reserve replacement of 1,183%; 2010 reserve growth of 158%

Quarter-over-quarter production increased 36%; oil and gas sales increased 54%

Earnings: 93 cents vs 29 cents/share for full  year, 2010, 2009

Northern Oil's Adjusted EBITDA for fiscal year 2010 was $47.1 million, or $0.93 per diluted share, which represents a 338% increase over Adjusted EBITDA of $10.7 million, or $0.29 per diluted share, for fiscal year 2009. Northern Oil's Adjusted EBITDA for the fourth quarter of 2010 was $18.2 million, or $0.32 per diluted share, which represents a 43% increase over Adjusted EBITDA of $12.7 million, or $0.24 per diluted share, for the third quarter of 2010.

My thoughts: it's still a growth company.

Other notes:
NOG increased net acreage in the Bakken since last report. I have NOG controlling 120,000 net acres in the Bakken; this report, NOG says they control 147,407 net acres, a 23% increase.

Acreage Update:
In 2010, Northern Oil acquired aggregate of 56,858 net mineral acres for an average of $1,043 per net acre in its key prospect areas. In the fourth quarter of 2010, Northern Oil acquired approximately 18,029 net mineral acres for an average of $954 per net acre in all of its key prospect areas in the form of both effective leases and top-leases spanning across the counties of Billings, Burke, Divide, Dunn, Golden Valley, McKenzie, Mountrail, Stark and Williams, North Dakota and Richland and Roosevelt, Montana.

During the first quarter of 2011 through March 1, 2011, NOG acquired 7,191 net acres at an average price of $1,956 per acre.

NOG's current Bakken and Three Forks prospective acreage position will allow it to drill approximately 921 net wells based on six net wells per 960-acre average spacing unit.