Northern Oil Reassures Concerned Shareholders
Wayzata-based Northern Oil & Gas, Inc., reportedly asked shareholders at its annual meeting on Wednesday to stick it out with the company while it executes an aggressive business plan.
According to the Star Tribune, the company has been under fire lately amid accusations of sloppy accounting and insider conflicts, and CEO Michael Reger has acknowledged that the company has a credibility problem.
Reger also reportedly apologized for a third-party transaction involving his wife that raised eyebrows.
On top of the accusations, the company's stock price has declined nearly 50 percent since its peak in March.
Despite the rocky road, the company assured shareholders that it is in compliance with all necessary rules and is making an effort to resolve accounting issues by hiring Deloitte & Touche, according to the Star Tribune.
The Minneapolis newspaper said that the company, which earned 14 cents per share in 2010, is projected by several analysts to earn more than $1 per share this year and about $2 per share in 2012 on revenue that is expected to increase to $184 million this year and $340 million in 2012.