Michael Reger

Founder & Chairman Emeritus, NORTHERN OIL & GAS INC

Search every verified Michael Reger interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Michael Reger, founder and chairman emeritus of Northern Oil and Gas, appeared on CNBC's "Mad Money" in March 2014 to discuss the company's performance and valuation. He stated that Northern Oil and Gas, a non-operator in the Bakken and Three Forks plays, holds interests in over 187,000 acres across North Dakota and Montana and has participated in more than 2,000 wells since 2006, representing over 20% of all wells in the play. Reger addressed what he described as a common misunderstanding about the company's lack of control over drilling activity, arguing that Northern's non-operator model allows it to adjust capital expenditures more flexibly based on commodity prices and returns, without long-term rig or pressure-pumping contracts. Reger also discussed the company's financial position and stock valuation, noting that Northern had announced the repurchase of 5% of its stock. He said the company had a borrowing base of $450 million, with only $75 million deployed at the end of the prior year, and expected an increase to $500 million, providing over $400 million in liquidity. He asserted that Northern's enterprise value was below its PV10, a measure of discounted future cash flows, and that its debt-adjusted PV10 per share was $15.50, while the stock traded around $13.50. Reger characterized trading below PV10 as "literally unheard of" for an oil company and expressed frustration over the disparity between the company's valuation and its asset base.