Market Overview

Northern Oil and Gas, Inc. Announces Additional Debt Exchanges; Unsecured Debt Now Down $77 Million

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Northern Oil and Gas, Inc. (NYSE:NOG) today announced that it
has entered into two additional independent, separately negotiated
exchange agreements with holders (the "Investors") of its 8% senior
unsecured notes due 2020 (the "Notes"). Together the agreements
represent a debt reduction of $13.5 million par value of Notes. Through
these and other recently announced exchanges since the beginning of June
2018, Northern has entered into agreements to retire $77.2 million of
its remaining Notes, permanently reducing interest expenses by $6.2
million on an annual basis.

In the first exchange for the Notes, Northern will initially issue
3,244,657 shares of common stock to the Investor in exchange for
$11,954,000 par value of Notes, and may be required to issue additional
shares to the Investor based on Northern's stock price performance over
a specified period. In the second exchange for the Notes, Northern will
issue $1,567,500 in common stock to the Investor in exchange for
$1,500,000 par value of Notes, with the number of shares of common stock
determined based on a forward pricing mechanism.

MANAGEMENT COMMENT

"Northern's balance sheet is now undeniably strong as we focus on
closing our pending Pivotal and W Energy acquisitions," said Nick
O'Grady, Northern's Chief Financial Officer. "The continued improvement
of our credit metrics combined with the substantially accretive per
share metrics of our stated growth strategy will create value for the
foreseeable future."

This announcement is neither an offer to exchange nor a solicitation of
an offer to exchange any securities. The exchanges are exempt from
registration under Section 3(a)(9) of the Securities Act of 1933.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company with
a core area of focus in the Williston Basin Bakken and Three Forks play
in North Dakota and Montana.

More information about Northern Oil and Gas, Inc. can be found at www.NorthernOil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future
events and future results that are subject to the safe harbors created
under the Securities Act of 1933 (the "Securities Act") and the
Securities Exchange Act of 1934 (the "Exchange Act"). All statements
other than statements of historical facts included in this release
regarding Northern's financial position, business strategy, plans and
objectives of management for future operations, industry conditions, and
indebtedness covenant compliance are forward-looking statements. When
used in this release, forward-looking statements are generally
accompanied by terms or phrases such as "estimate," "project,"
"predict," "believe," "expect," "continue," "anticipate," "target,"
"could," "plan," "intend," "seek," "goal," "will," "should," "may" or
other words and similar expressions that convey the uncertainty of
future events or outcomes. Items contemplating or making assumptions
about actual or potential future sales, market size, collaborations, and
trends or operating results also constitute such forward-looking
statements.

Forward-looking statements involve inherent risks and uncertainties, and
important factors (many of which are beyond Northern's control) that
could cause actual results to differ materially from those set forth in
the forward-looking statements, including the following: risks and
uncertainties related to the closing of pending acquisition
transactions, changes in crude oil and natural gas prices, the pace of
drilling and completions activity on Northern's properties, Northern's
ability to acquire additional development opportunities, changes in
Northern's reserves estimates or the value thereof, general economic or
industry conditions, nationally and/or in the communities in which
Northern conducts business, changes in the interest rate environment,
legislation or regulatory requirements, conditions of the securities
markets, Northern's ability to raise or access capital, changes in
accounting principles, policies or guidelines, financial or political
instability, acts of war or terrorism, and other economic, competitive,
governmental, regulatory and technical factors affecting Northern's
operations, products, services and prices.

Northern has based these forward-looking statements on its current
expectations and assumptions about future events. While management
considers these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory and other risks, contingencies and uncertainties, most of
which are difficult to predict and many of which are beyond Northern's
control. Northern does not undertake any duty to update or revise any
forward-looking statements, except as may be required by the federal
securities laws.

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