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5/7/2021 Northern Oil and Gas , Inc. Announces First Quarter 2021 Results NOG HIGHLIGHTS • First quarter production of 38,417 Boe per day , up 7.5 % sequentially from the fourth quarter of 2020 • First quarter GAAP cash flow from operations of $ 62.8 million inclusive of changes in net working capital and Free Cash Flow ( non - GAAP ) of $ 41.7 million . See " Non - GAAP Financial Measures " below • Total capital expenditures of $ 38.1 million , down 22 % from the fourth quarter of 2020 • The Board of Directors has authorized the payment of all accrued and cash dividends on the Series A Preferred Stock in the aggregate amount of $ 22.0 million to be paid on May 15 , 2021 • The Board of Directors has also declared Northern's first ever quarterly common stock dividend of $ 0.03 per share payable July 30 , 2021 to stockholders of record on June 30 , 2021 • Closed Appalachian Basin acquisition from Reliance Marcellus , LLC on April 1 , 2021 Liquidity and balance sheet strengthened through debt and equity offerings with gross proceeds of $ 690 million in the first quarter . On May 15 , Northern will have retired all near term debt maturities MINNEAPOLIS -- ( BUSINESS WIRE ) -- Northern Oil and Gas , Inc. ( NYSE American : NOG ) ( " Northern " ) today announced the company's first quarter results . MANAGEMENT COMMENTS - " The first quarter performance was above our internal expectations across all metrics as our core Williston & Permian properties continued to deliver , " commented Nick O'Grady , Northern's Chief Executive Officer . " The Company generated $ 41.7 million of Free Cash Flow , approximately 6 % of our total quarter end market capitalization in a single quarter . I am also very excited that we were able to continue to improve our liquidity and balance sheet with the completion of our financings in February . These transactions along with the continued growth of our business should provide us with sufficient cash flow to continue our strategy of making additional accretive acquisitions , reducing debt and providing returns to our stockholders . Our first ever quarterly dividend is the culmination of a tireless multi - year effort to put the Company in a position to return cash to its stockholders . As we achieve our targets , we believe we can provide meaningful cash returns to investors over the coming years . " FIRST QUARTER FINANCIAL RESULTS Oil and natural gas sales for the first quarter were $ 157.3 million . First quarter GAAP net loss , inclusive of a $ 128.6 1