Northern Oil and Gas Q1 Revenues and Net Rise

Northern Oil and Gas results for Q1 have been released. For the quarter, total revenue advanced to nearly $68 million from the $51 million in the same period the previous year. Net income also grew, although not by as much. It landed at just under $9 million ($0.14 per diluted share), an improvement over the $8.8 million (also $0.14) the firm posted in Q1 2012.

Northern Oil and Gas said it was able to post the encouraging results due, in no small part, to increased output. The company quoted CEO Michael Reger as saying that "despite typical first quarter weather, we were able to increase our quarterly sequential average daily production and add nearly ten net wells to producing status."

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