For Investors Only -- Steve Zachritz on NOG's Mid-Year Review

Link here.

Proved reserves rose 121% to 34.8 million boe through the first seven months of the year.

69% proven undeveloped which is not aggressive.

90% of the reserves are oil. Note current production is running about 94% oil (gas being flared) but that prices in the Williston Basin for natural gas are pretty good and NOG plans to capture more of the associated gas in its wells as time goes by.

Reserve replacement (change in reserves/ production) was a seemingly dizzying 2,172%, but this a smaller name and you can see big numbers here as they move up the production hockey stick so while it is a nice number it is less relevant than what follows.

Several items are worth noting here beyond the obvious, "wow, that is some serious reserve growth for any full year, let alone half a year."

The numbers were "done" by one of the most, if not the most, conservative analyst in the field.