Northern Oil and Gas Rises on Reserves

Forbes reported shares of Northern Oil and Gas Inc. (AMEX:NOG) climbed more than 11 percent fueled by its increasing midyear reserves.

The market news is quoted as saying:

Analyst Chad Mabry of Rodman & Renshaw raised the exploration and production company’s price target to $29 from $27, saying Northern Oil and Gas’s proved reserves of 34.8 million barrels of oil equivalent as of July 31 is more than double from the end of 2010.

Mabry said Northern Oil and Gas continues to benefit from increasing activity in the Williston Basin Bakken/Three Forks in North Dakota, where the rig count is at a record high.

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