Northern Oil and Gas, Inc. closed on its direct registered offering of 6.5 million shares of its common stock. The company sold the shares at a price of $9.12, and received $56.2 million in net proceeds.

Northern Oil and Gas, Inc. said it would use the funds for working capital, to repay borrowings on its credit line, and possibly pursue acquisitions if any attractive assets could be found.

Northern Oil and Gas, Inc. is an exploration and production company headquartered in Wayzata, Minnesota. The company has three main areas of operations:

Bakken Shale – Northern Oil and Gas has 70,000 net acres under lease in Mountrail County, North Dakota. The company has a 100% success rate here, and has at least 220 future drilling locations.

Trenton/Black River – Northern Oil and Gas has 10,000 net acres in a leasehold in Yates County, N.Y, with exposure to natural gas.

Red River and Mission Canyon

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The Independent reports that Gulf Arab states have been engaged in secret talks with Russia, China, Japan and France to replace the US dollar with a basket of currencies in the trading of oil:  'This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil'.  Saudi Arabia's central bank chief has vociferously denied these claims, says the Washington Post.  An unlikely venture for Gazprom: the company apparently plans to start a chain of fast-food and supermarket outlets.  It is likely that the gas giant will recommence gas purchases from Turkmenistan this month or next, following a long suspension due to April's pipeline explosion.  Ukrainian Prime Minister Yulia Tymoshenko will postpone the electorate-displeasing move of raising domestic gas prices until after the Jan. 17 presidential election, despite a ...

Bald Eagle Energy, Inc., (BEEI.OB) is convinced that Alaska’s North Slope still holds vast undiscovered reserves of oil and gas. It’s a belief shared by some of the biggest oil companies in the world, fueled by continued discoveries in the area starting in the 1970s, and encouraged by record producing wells. It takes 150-200 wells in the lower 48 states to match the output of a single North Slope well, according to Roger Herrera, Arctic Power D.C. Coordinator, as quoted on ANWR.org.

The North Slope region continues to produce major discoveries. The Prudhoe Bay Field, the largest oil field in North America, has been joined by two other fields, the Point Thompson Field, and Kuparuk River Field. Since production began, Prudhoe Bay alone has resulted in over 10 billion barrels of oil, and still produces over 400,000 barrels every day.

And geological studies suggest

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Earlier this year the United States Geological Survey, a government department, released a report that said the area known as the Bakken Formation in North Dakota and Montana could yield between 3 to 4.3 billion barrels of oil.

That is 25 times more than the USGS had estimated in 1995. In contrast, ANWR is estimated to have a recoverable yield of about 11 billion barrels of oil.

“New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes,” a USGC news release states.

The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states combined. However, the potential of off-shore drilling — this week approved by Congress in select areas - is not under the purview of the USGS.

Western-Standard Energy Corp. (OTCBB: WSEG) is one company that seems

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Rock Energy Resources (RCKE) is an independent gas and oil company based out of Houston, Texas. In the early 1980’s, many independent companies abandoned prospective wells in the United States and turned to international and offshore opportunities. Rock Energy is taking another look at these untapped resources and is focused on acquiring the domestic offset and existing wells that show potential.

Rock Energy has an established set of criteria when evaluating prospective wellsites. The team utilizes the most advanced 2D and 3D imaging, micromagnetics and other interpretive tools to help uncover opportunities. Typically, properties must pass a minimum ten-times-return payoff to even be considered for development. The company’s objective is to develop onshore oil and gas sites that will not only pay off, but will pay off well. This is where the company’s dynamic duo performs their magic in the field. One team member is a “wellsite evaluation guru”, while

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Article Source Various individuals have argued for drilling in the Outer Continental Shelf (OCS) as a means to affect the price of oil. This is true despite this recent assessment by the Department of Energy's Energy Information Administration, the Federal Government's nonpartisan analytical group on energy issues. From Annual Energy Outlook related analyses (June 2007): The OCS is estimated to contain substantial resources of crude oil and natural gas; however, some areas of the OCS are subject to drilling restrictions. With energy prices rising over the past several years, there has been increased interest in the development of more domestic oil and natural gas supply, including OCS resources. In the past, Federal efforts to encourage exploration and development activities in the deep waters of the OCS have been limited primarily to regulations that would reduce royalty payments by lease holders. More recently, the States of Alaska and Virginia have ...