Q1:20 EARNINGS PRESENTATION NYSE American: NOG FORWARD LOOKING - PowerPoint PPT Presentation

NYSE American: NOG Q1:20 EARNINGS PRESENTATION NYSE American: NOG

FORWARD LOOKING STATEMENTS NYSE American: NOG This presentation 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 presentation 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 presentation, 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 our company’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: the effects of the COVID-19 pandemic and related economic slowdown, changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern’s current properties, infrastructure constraints and related factors affecting 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, health-related epidemics, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products 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 & Gas, Inc. - May 2020 2

NYSE American: NOG I. Q1 TAKEAWAYS AND VALUE PROPOSITION II. COMPANY OVERVIEW III. BALANCE SHEET & HEDGES IV. ASSET & ENGINEERING REVIEW V. GROWTH STRATEGY- ORGANIC & M&A VI. APPENDIX: SUPPLEMENTAL INFO

Q1’20 FINANCIAL & OPERATING HIGHLIGHTS NYSE American: NOG Q1’20 Highlights ROCE (1) Recycle Ratio (1) • Strong Margins and Returns (1) : NOG’s recycle ratio and ROCE remain amongst the best in the industry 11.7% 1.8 X in Q1 • Cash Flow > CAPEX: Cash flow before changes in Cash Margin DD&A Top-Tier Across Industry working capital of $93.6 million (2) increased 6.9% $27.31/boe $15.53/boe over the prior year and was above Q1 capital Production CFFO (2) expenditures of $86.7 million 43.7 mboe/d $93.6 MM • Debt Reduction Continues: $90.2 million of secured debt was retired during Q1. An additional +28% YoY, ~Flat QoQ $6.1 million was subsequently retired > Q1 Capex • Tremendous Hedge Value: Market value of NOG’s 2 nd Lien Debt Hedge Book Value hedge book is approaching $400MM. >27 Mbpd hedged >$58/bbl in ‘20; ~20 Mbpd hedged -$90.2 MM ~$400 MM >$55/bbl in ‘21 • Strong EBITDA Guidance: Regardless of >27 Mbpd hedged ‘20 Retired in Q1 production, NOG anticipates $350-$410 million in Adjusted EBITDA (3) for 2020. (1) See Slide 30 for Definition and Methodology • 2020 CAPEX controlled: $175 - $200 million, down (2) Cash flow from operations, excluding $7.1 million from changes in working capital during the first quarter (3) Adjusted EBITDA is a non-GAAP financial measure. Northern’s 2020 Adjusted EBITDA guidance range was estimated using (i) actual results for the first quarter of 2020 and (ii) strip prices for oil and natural gas as of May 8, 2020, which represents an average WTI oil price of approximately $26.90 per barrel and an average 56% at the midpoint vs. 2019 Henry Hub natural gas price of $2.34 per Mcf, for April through December 2020. See appendix for reconciliations of historical Adjusted EBITDA. Northern is unable to provide a reconciliation of forward-looking Adjusted EBITDA guidance without undue hardship because it is an estimate, approximation and/or range, and it would be difficult to present a detailed reconciliation on account of many unknown variables for the reconciling items. Northern Oil & Gas, Inc. - May 2020 4

THE NOG VALUE PROPOSITION NYSE American: NOG ➢ Northern has prepared to face the environment seen today • Best in Class ROCE (1) in E&P space: 11.7% in Q1’20 1 SUPERIOR RETURNS & FCF • >$125MM of Free Cash Flow (2) expected in FY20 • >Majority hedged in 2020, >$58/bbl 2 SIGNIFICANTLY HEDGED • >Majority hedged in 2021, >$55/bbl • Organic: >750 net locations weighted toward Bakken core 3 ORGANIC & M&A UPSIDE • Acquisitions: Ground Game + M&A= highly accretive opportunities • NOG has participated in >40% Bakken wells (>6K gross) 4 SUPERIOR DATA SET • NOG has >300 internal type curves; economics by operator • 2020 Free Cash Flow yield >40% COMPELLING VALUATION (2) 5 • 2020 EV/EBITDA= 4.1x • 2019 P/E RATIO= 2.4x (FY19 realized oil price = $54.66/bbl) (1) See Slide 30 for Definition and Methodology (2) Northern defines Free Cash Flow as net cash provided by operating activities excluding changes in working capital, less capital expenditures, and Free Cash Flow Yield as FCF divided by the current common equity market value. These are non-GAAP financial metrics. Northern is unable to present a reconciliation of forward-looking Free Cash Flow because components of the calculation, including fluctuations in working capital Northern Oil & Gas, Inc. - May 2020 5 accounts, are inherently unpredictable. (3) Valuation as of 5/8/2020; 2020 EBITDA is at the midpoint of 2020 guidance as of 5/11/20.

NYSE American: NOG I. Q1 TAKEAWAYS AND VALUE PROPOSITION II. COMPANY OVERVIEW III. BALANCE SHEET & HEDGES IV. ASSET & ENGINEERING REVIEW V. GROWTH STRATEGY- ORGANIC & M&A VI. APPENDIX: SUPPLEMENTAL INFO

CURRENT NOG ASSET SNAPSHOT NYSE American: NOG ➢ Portfolio of high-quality acreage in the heart of the basin with interests in over 6,500 gross Bakken/Three Forks oil wells NET ACREAGE SUMMARY 183,245 9% 10% 8% NET ACRES 91% 90% 92% 90% 1 1 North Dakota Montana HBP % Non-HBP ND % HBP ND % Non-HBP HELD BY PRODUCTION 1 NET ACRES BY COUNTY 50,166 Northern’s top counties are the ‘Big 4’ in the core of the Williston 37,290 28,453 40+ 17,270 17,013 16,485 16,567 OPERATOR PARTNERS McKenzie Mountrail Williams Dunn Divide Other Montana and Other MONTANA NORTH DAKOTA Source: Company data as of 3/31/20. ‘HBP’ is acreage held by production Northern Oil & Gas, Inc. – May 2020 7 1. Includes acreage classified as held by production, held by operations or developed

FIXING THE BALANCE SHEET & ACHIEVING SCALE NYSE American: NOG ➢ Participation in the highest quality wells with stable AFE costs generates consistent production growth & higher IRRs CONSISTENTLY FUNDING ATTRACTIVE WELLS… …GENERATES CONSISTENT PRODUCTION GROWTH Production (mBoe/d) Wells In Process @ Period End Organic Net Wells added to Production Material, but measured Increasing well production growth 43.7 43.9 +26% participation 40.8 +9% 14.6 36.3 35.0 34.6 13.3 7.3 8.1 26.7 7.0 7.7 21.0 9.3 27.2 18.0 25.8 25.0 5.8 8.5 24.7 24.2 22.8 19.0 19.2 16.4 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2'19 Q3 '19 Q4 '19 Q1 '20 …WHILE MAINTAINING PEER -LEADING LOW CASH G&A 1 PARTICIPATING IN COST- EFFECTIVE AFES… Cash G&A per BOE Avg. Consented Well AFE ($MM) Consistent well costs across Williston counties $1.58 $8.2 $8.1 $8.1 $8.1 $8.1 $1.28 $7.9 $7.6 $7.7 $7.7 $1.15 $1.13 $1.06 $1.01 $0.95 $0.92 $0.91 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 2Q '19 Q3 '19 Q4 '19 Q1'20 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Northern Oil & Gas, Inc. - May 2020 8 1. Cash G&A is a non-GAAP financial measure. Please see the appendix for reconciliation to the most directly comparable GAAP Measure.