Northern Oil and Gas To Offer $200 Million In Senior Notes

$200 million.

$200 million / $5,000/acre = 40,000 acres

$200 million / $10 million/well @ 5% working interest: participate in 400 wells at 5% working interest

$200 million / $10 million/well = 20 wells

NOG is the 12th largest leaseholder in the Bakken with 180,000 net acres; currently drilling about 160 gross (12 net wells), which works out to be about 7.5% working interest in each. The company says it has the potential to acquire 3,000 to 5,000+ acres/quarter, or 20,000 acres/year.