SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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|Item 8.01.|| |
On February 4, 2021, Northern Oil and Gas, Inc. (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with BofA Securities, Inc., as representative of the other several underwriters listed in Schedule I to the Underwriting Agreement (collectively, the “Underwriters”), relating to its previously announced public offering of 12,500,000 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock” and such offering the “Equity Offering”). Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to 1,875,000 additional shares (the “Option Shares”) of Common Stock, which option was exercised in full on February 5, 2021.
The Equity Offering, including the sale of the Option Shares, closed on February 9, 2021. The Company expects to use the net proceeds from the Equity Offering to partially fund the cash purchase price of certain oil and gas properties, interests and related assets. Any remaining proceeds may be used to repay or redeem outstanding indebtedness and for general corporate purposes.
The Equity Offering was made pursuant to a prospectus supplement, dated February 4, 2021 (the “Prospectus Supplement”), and filed with the Securities and Exchange Commission (the “SEC”) on February 8, 2021, and the base prospectus, dated July 3, 2018, filed as part of the Company’s shelf registration statement (File No. 333-225828) filed with the SEC on June 22, 2018 and declared effective on July 3, 2018. The Company included updated risk factors in the Prospectus Supplement. The revised risk factor disclosure is filed herewith as Exhibit 99.1 and incorporated by reference herein.
The foregoing summary of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which is attached as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.
Kirkland & Ellis LLP has issued an opinion, dated February 9, 2020, regarding certain legal matters with respect to the Equity Offering, a copy of which is filed as Exhibit 5.1 hereto.
This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
|Item 9.01.|| |
Financial Statements and Exhibits.
|1.1||Underwriting Agreement, dated January 4, 2021, between Northern Oil and Gas, Inc. and BofA Securities, Inc., as representative of the several underwriters listed in Schedule I thereto.|
|5.1||Opinion of Kirkland & Ellis LLP.|
|23.1||Consent of Kirkland & Ellis LLP (included in exhibit 5.1).|
|99.1||Updated Risk Factors.|
|104||The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: February 9, 2021||NORTHERN OIL AND GAS, INC.|
Erik J. Romslo
Chief Legal Officer and Secretary