Northern Oil and Gas, Inc. Announces Executive Officer Team; Michael Reger Named Chief Executive Officer and Nicholas O’Grady Named Chief Financial Officer
Michael Reger, Chief Executive Officer
- Nicholas O’Grady, Chief Financial Officer
Brandon Elliott, President and Chief Operating Officer Erik Romslo, Executive Vice President, General Counsel and Secretary Chad Allen, Chief Accounting Officer Adam Dirlam, Executive Vice President of Land
“Since my arrival as a member of the Board of Directors last July, my
goals have been to (1) restructure Northern’s balance sheet, (2) create
a strategic plan to position Northern as the largest non-op consolidator
“We have developed a compensation plan that aligns the interests of our executives with the shareholders of Northern,” Mr. Akradi continued. “The compensation of our executive team will be heavily driven by achieving growth in the Company’s EBITDA and share price. This combination will ensure we are incredibly focused on growing this company responsibly, accretively and for the long-term value of all of our stakeholders.”
CEO AND CFO COMPENSATION
|Base Salary||$1 Cash; 240,000 Shares||$270,000 Cash|
|Long Term Incentive Program(1):|
|Adjusted EBITDA (Annualized 4Q 2018)|
|Greater than $265 million||150,000 Shares||55,000 Shares|
|Greater than $295 million||300,000 Shares||115,000 Shares|
|Greater than $325 million||450,000 Shares||180,000 Shares|
|Average Stock Price (December 2018 Average Price)|
|Greater than $2.60 per share||150,000 Shares||55,000 Shares|
|Greater than $2.90 per share||300,000 Shares||115,000 Shares|
|Greater than $3.20 per share||450,000 Shares||180,000 Shares|
(1) Shares earned pursuant to this program will vest in three equal annual installments in 2019, 2020 and 2021.
Nicholas O’Grady has been named Chief Financial Officer, effective
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: 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.
Northern Oil and Gas, Inc.
Brandon Elliott, CFA, 952-476-9800
President and Chief Operating Officer