Salt Creek sells North Dakota acreage

Salt Creek Oil & Gas (“Salt Creek”) signed a definitive purchase and sale agreement with Northern Oil and Gas, Inc. (“Northern”) to divest most of its Williston Basin, North Dakota assets. Total consideration consists of USD 40.0 million in cash, 6 million shares of common stock and about USD 7.6 million of pre-effective date capital, totaling approximately USD 59.6 million. The transaction is subject to typical due diligence provisions by the buyer and customary purchase price adjustments. Both parties expect closing of the transaction over the next 40 days. The agreement requires Salt Creek to hold the stock consideration for six-months and contains a mechanism for a cash settlement between USD 2 per share and the 6-month closing price should Northern’s stock not close above USD 2 per share for a short period of time during the 6 month lock up