Northern Oil and Gas Inc., which concentrates its exploration efforts in the Williston Basin, has rehired Michael Reger as CEO. Reger, who founded Northern in 2006, served as chairman and CEO until 2016 when he was fired. Reger then sued Northern for wrongful termination and received cash and stock worth about $3.75 million and was named chairman emeritus. He was terminated without severance pay after disclosing he could face sanctions as part of an investigation by the Securities and Exchange Commission (SEC) for trading patterns in the securities of Dakota Plains Holdings Inc., of which he was an initial investor. Reger later agreed to pay $8 million to SEC as part of a settlement. Northern also named Nicholas O’Grady, formerly of Hudson Bay Capital Management, as CFO. Brandon Elliott, interim president since early 2018, was named president and COO. Erik Romslo remains as general counsel, while Chad Allen, interim CFO, was named chief accounting officer. Adam Dirlam was promoted to executive vice president of land.
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