Northern Oil & Gas bought back more than two million shares of its common stock in the third quarter and grew production 20% over the second quarter to 13,049 boe/d.
The company participated in bringing 147 gross (12.1 net) wells to production in the third quarter and has participated in 358 gross (27.3 net) wells year-to-date. Approximately 260 gross (18.8 net) wells are in some stage of drilling or completion.
Read more from earlier in the year: Northern's Bakken Production Growth Slowed by Bad Weather
At the end of September, the company spent an average (AFE) of $9 million on each well.
“October activity was also very encouraging and we are in a great position to continue to execute our business plan into 2014 and beyond.”
Northern Continues Leasing Bakken Acreage
Northern Oil & Gas acquired leases on 7,357 net mineral acres during the third quarter at a cost of $10.8 million ($1,462/acre) and now controls ~187,000 net acres prospective for the Bakken and Three Forks. The company has spent a total of $22.6 million on acreage in the first nine months of the year.
Approximately 61% of the company's acreage position is held-by-production.