NORTHERN OIL & GAS, INC.

NORTHERN OIL & GAS, INC. is an independent energy company that acquires, explores, develops, and produces oil and natural gas properties in the United States. The company operates as a non-operator, primarily focusing on the Williston Basin, the Permian Basin, the Appalachian Basin, and the Uinta Basin. Its strategy involves investing in non-operated minority working and mineral interests in oil and natural gas properties within these premier U.S. basins. As a non-operator, NORTHERN OIL & GAS, INC. diversifies its investment by participating in a large number of gross wells and entering additional project areas through partnerships with numerous experienced operating partners or value-enhancing acquisitions. This approach provides flexibility in capital expenditures, as the company can generally elect to participate on a well-by-well basis and is not bound by minimum drilling obligations. It also avoids the exploratory and infrastructure costs typically incurred by many oil and natural gas producers. The company creates value through strategic acquisitions and by financially participating with over 100 experienced operating partners who develop and produce hydrocarbons in its core areas. In the fourth quarter of 2025, no single operator accounted for more than 11% of NORTHERN OIL & GAS, INC.'s oil and natural gas sales. Prior to 2020, the company focused exclusively on oil-weighted properties in the Williston Basin. Since then, it has significantly grown and diversified its properties through acquisitions of oil and natural gas properties in the Permian Basin, Appalachian Basin, and Uinta Basin. The company reports a single reportable segment.