Northern Oil and Gas, a Williston Basin-based independent producer, announced Michael Reger, founder, president and chairman emeritus, is leaving the company to “pursue opportunities” outside the Williston, Kallanish Energy reports.
The departure is amicable, according to the company, and Reger will remain chairman emeritus. In addition, he will be available to assist Northern in the transition under a consulting arrangement through March 2020.
“It has been an honor and privilege to help build Northern into a top-tier oil producer in the Williston Basin over the last 13 years,” Reger said. “I am particularly proud of what we have been able to accomplish during the past 18 months: successfully acquiring over $850 million of high-quality assets; recapitalizing and fortifying the balance sheet; and growing current production to over 40,000 barrels of oil-equivalent per day.”
“Mr. Reger was the pioneering visionary of the public, non-operated business model in 2006, guided the company through periods of both rapid industry growth and contraction, and was instrumental in the recent recapitalization and turnaround of Northern,” said Bahram Akradi, Northern chairman.
“As Northern transitions to a primary focus of the return of free cash flow to shareholders, Mr. Reger’s entrepreneurial talents are best suited for a startup organization and we wish him the best of luck in his future endeavors.”
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