Limited scale of operations Nonoperator business model that depends on other "operator" companies' drilling plans High geographic concentration of reserves and production High proportion of crude oil in its reserves and production mix The expectation that the company will maintain credit measures that we consider appropriate for the current rating over the next one to two years. Hedges limit near-term crude oil price risk. Adequate liquidity. The stable outlook reflects Standard&Poor's Ratings Services' view that Northern Oil and Gas Inc. should be able to maintain flat production growth in 2015 while maintaining adequate liquidity and preserving its credit measures at a level appropriate for the rating, with funds from operations (FFO) to debt between 20% and 30%. We
