Shares of Northern Oil and Gas Inc. (AMEX: NOG) rose 11 percent on Wednesday.
Northern Oil and Gas keeps raking in the benefits from increasing activity in the Willston Basin, Bakken, and Three Forks in North Dakota; the rig count is at a record high.
Management has reported 34.8 million barrels of proven oil equivalent reserves, and increase of 121% from the beginning of the year.
Analyst Chad Mabry of Rodman & Renshaw raised the company’s target to $29 from $27. “We had been forecasting the company to grow its reserves by about 80 percent by year-end 2011, so this really topped expectations,” he wrote.
Northern Oil and Gas Inc. is an oil and gas exploration and production company focused on the Untied States’ Rocky Mountain areas.
That’s all for now,
Cori
