Northern Oil and Gas Inc. (NASDAG:NOG) broke out on 2 December 2020 at 6.88 and confirmed on 31 December at 8.76/share. There is Key resistance at 8.81 and light to 10 and none above that number.
Our long term outlook is Very Bullish with a 23.40 target. The Street’s consensus target is at 13.25.
All Key technical indicators are Bullish to Very Bullish in here, thus garnering a Buy signal
Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of Crude Oil and Nat Gas properties in the United States.
The company primarily holds interests in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana.
Notably, the Bakken shale and underlying Three Forks formation are part of the larger Williston Basin, which encompasses Saskatchewan, Manitoba, North Dakota, Montana, and South Dakota. Bakken producing zones are mainly present in Western North Dakota, Southern Saskatchewan, and Eastern Montana.
“The Bakken shale is one of the largest, possibly the largest, continuous oil accumulations in the world. It is an over pressured system which is in part responsible for high IP rates. The high pressure in the formation suggests that the oil is contained within the petroleum system. This means that the oil remains in place and is tightly contained throughout the geologic structure.
“Ten years ago both reserves and productive capability were highly uncertain. But today Bakken shale oil is not only accessible but also profitable given advances in technological know-how and sustained high oil prices,” according to petroleum industry expert Bruce WD Barren.
As of 31 December 2019, it owned working interests in 6,156 gross producing wells, and had proved reserves of 163.3-M bbl of Crude Oil equivalent.
The company is HQ’d in Minnetonka, Minnesota.
Have a healthy week, Keep the Faith!