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November 5, 2009 (FinancialWire) -- Northern Oil and Gas, Inc. (AMEX: NOG | Quote | Chart | News | PowerRating) said it has closed on a direct offering of 6.5 million shares of its common stock at $9.12 per share, resulting in gross proceeds of around $59.3 million.
The company plans to use the net proceeds from the offering to repay the current borrowings under its revolving credit facility, to pursue acquisition opportunities and for other working capital purposes.
Wayzata, Minnesota-based Northern Oil is an exploration and production company with activities focused primarily in the Rocky Mountain Region of the United States, specifically the Williston Basin.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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