Puts Purchased on Northern Oil & Gas (NOG)

Shares of Northern Oil & Gas

are lower on the session by 1.59%, currently trading at $27.25. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the January 2011 $25.00 put was purchased 2,020 times, on the offer, for $0.30 on open interest of only 418 contracts. This signals new positioning on the name. Overall put volume is now running at 3.14x the daily average with 87% of all puts traded being purchases on the offer. Northern Oil & Gas, Inc., is an independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties. It is focused on the activities primarily on projects based in the Rocky Mountain Region of the United States, specifically the Bakken and Three Forks/Sanish formations within the Williston Basin.