#1NOG Investor Presentation June 2023#2Contents I. Investment Highlights II. Recent Financial Results III. Appendix Investor Presentation June 2023 | 2 NOG#3Investment Highlights 1) 12345 National non-op franchise offering scale and diversification by commodity across three core basins in the United States. Track record of executing on highly accretive investments with durable free cash flow. $450MM of FCF(1) in 2022 with accelerating growth into 2023. Disciplined capital allocator. Growing debt repurchases. Strong balance sheet with a long-term target of <1.0x Net Debt to Adjusted EBITDA(1). Dominant data and technical advantage, ability to make informed and swift investment decisions enables us to be a consistent and reliable counterparty. Free Cash Flow (FCF), Adjusted EBITDA and Net Debt are non-GAAP financial measures. See Appendix for methodology and reconciliations. Investor Presentation June 2023 | 3 NOG#4NOG At-a-Glance (1) Disciplined aggregator of accretive, high-quality minority interests, aligned with the best operators. 1) 2) ~9,400/887 ~260k ~100 GROSS/NET WELLS(2) NET ACRES OPERATORS Marcellus 13% Bakken 52% Permian 35% DIVERSIFICATION BY BASIN 62%/38% 27.5% 2-STREAM OIL/GAS SPLIT Q1-23 ADJUSTED ROCE (3) All data as of March 31, 2023, unless otherwise noted. Does not include recent Forge acquisition Adjusted EBITDA, Adjusted ROCE and Net Debt are non-GAAP financial measures. See Appendix for methodology and reconciliations. 87.4k Q1-23 PRODUCTION BOE/DAY <1.4x NET DEBT : LQA Adj. EBITDA(3) Investor Presentation June 2023 | 4 NOG#5Leading Non-Op E&P Franchise Marcellus 13% Permian 35% Q1-23 PRODUCTION BY REGION (BOE) 0 Williston 52% Region Williston Permian Marcellus • • NOG's acquisitions have created a high return, national non-op franchise that is benefitting from economies of scale; ~8,000 net acres were added to Permian footprint in Q4-22 & Q1-23 ⚫ NOG is positioned to continue to capitalize on increased non-operated opportunities as the preferred non-op consolidator MT ND SD NM TX PA Q1-23 PRODUCTION BY COMMODITY (BOE) Commodity Type Oil Gas 62% 0 38% Investor Presentation June 2023 | 5 NOG#6What We Do THE NON-OPERATOR MODEL A flexible and moderated approach to E&P, offering capital discipline, cost control & protection from downside exposure. за roc We do not drill wells or operate rigs We acquire fractional working interests in drilling units Ability to control capital expenditures higher and lower Small company (33 employees) with big company advantages Investor Presentation June 2023 | 6 NOG#7How We Do It OUR INVESTMENT APPROACH We apply modern portfolio theory in our investment approach to pursue optimal risk adjusted returns. Diversification across geography, commodity, operators and deal structure or concentration provides us with a degree of optionality unavailable to most E&P companies. $ $ 100 We focus on finding the best. incremental IRR for our portfolio to complement current asset positioning Analysis of proprietary data and ability to back-test prior investments informs our decision process Active commodity hedging mitigates systematic risk and protects our exposure Our approach contributed to NOG's outperformance vs. the S&P SPDR XOP ETF by 70% since 20181 1) The XOP is the S&P SPDR Oil & Gas Exploration and Production ETF, measurement period 1/1/2018 to 12/31/2022. Investor Presentation June 2023 | 7 NOG#8Benefits of NOG's Non-Operated Model Efficient Operations Enhance Return Profile Peer leading cost structure & Corporate ROCE . Scalable Model: NOG has 33 employees Leveraging Data and Experience • Proprietary database, built from participation in over 9,400 wells Capital Allocation Flexibility • . • Ability to "cherry-pick" from ~100 operating partners across ~1MM+ gross acres in 3 basins Superior flexibility to manage capital allocation and to do so quickly Costs limited to drilling, completion, and acreage NOG Non-Op Tailwind • NOG is capitalizing on industry strategy shift as operators focus on free cash flow generation instead of growth • This has led to record level non-op "Ground Game" opportunities Investor Presentation June 2023 | 8 NOG#91) Q2'17 PRODUCTION CONTINUES TO RAMP... Material increases driven by organic growth accretive M&A A Differentiated E&P Growth Platform NOG continues to build scale as the largest dedicated public non-operated working interest company while efficiently leveraging G&A. 43.943.7 40.8 36.3 35.0 34.6 26.7 23.8 21.0 15.3 18.0 13.8 16.7 Q3'17 Q4'17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2'19 Q3 '19 Q4 '19 Q1'20 | Production (MBoe/d) 29.1 35.38.4 87.4 78.9 79.1 72.7 71.3 64.2 57.6 54.6 Q2'20 Q3'20 Q4'20 Q1'21 Q2 '21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Adjusted Cash G&A is a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP Measure. $3.02 $2.71 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q2'20 I Cash G&A per BOE-Adjusted Investor Presentation June 2023 | 9 NOG Q3'20 Q4'20 Q1'21 Q2 '21 Q3 '21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 $1.58 $1.61 $1.45 $1.15 $1.39 $1.28 $1.13 $1.01 $1.20 $1.01 $1.06 $0.95 $1.01 $1.04 $0.93 $0.92 $0.91 $0.78 $0.94 $0.77 $0.86 $0.82 WHILE MAINTAINING LOW CASH G&A(1) Reducing overhead unit cash G&A costs, despite being acquisitive Q1'23#10Focused on the Highest-Quality Areas No requirement for contiguous acreage allows NOG to participate in prime drilling opportunities across basins or regions. Williston Basin: ~181,200 Net Acres Permian Basin: ~30,000 Net Acres Marcellus Acres: ~59,200 Net Acres DIVIDE BURKE SHERIDAN SEVELT WILLIAMS EDDY M'OLUNTRAIL RICHLAND MCKENZI AWSON NOG Wells in Progress Wells Completed 2021 - 2022 WIBAUX VALLEY Note: Acreage as of 03/31/23. ILLINGS STARK ME RSON NOG RUTLER ARMSTRONG GAINES DAWSON BORDEN BEAVER INDIANA ANDREWS ALLEGHENY WINKLER ECTOR AASCOCK WASHINGTON Wells in Progress Wells Completed 2021 2022 CRANE WESTMORELAND FAYETTE GREENE NOG SOMERSET Wells in Progress Wells Completed 2021-2022 کے Investor Presentation June 2023 | 10 NOG#11Track Record of Executing on Large-Scale Accretive Investments NOG has been an active participant in M&A. Since 2018, the Company has completed over $2.7 billion of accretive acquisitions. (1) 2018 2019 2021 2022 2023 • • Salt Creek $60MM • VEN Bakken $316MM • Reliance Marcellus $141MM • Veritas $409MM MPDC Mascot $320M • Forge $162M . Pivotal $146MM • • Delaware $102MM • Williston Bolt-on $160MM • W Energy $342MM 1) The Company did not participate in large package M&A in 2020. • Comstock $150MM • • • Laredo $110MM • Alpha $164MM • • Delaware $132MM Investor Presentation June 2023 | 11 NOG#12Capacity to Pursue Growth Assets At >$6B, NOG's opportunity set is at a historic high. Recent notes issuance and equity offering provide dry powder to pursue high-quality, low breakeven growth assets that should enhance cash flows and shareholder returns in both the short and long term. Illustrative Opportunities Partial Buy-Down / Drilling Joint Ventures Distinct drilling programs with strong governance Minority undivided interest purchased across assets while operator retains existing ownership and control (e.g. MPDC transaction) Across multiple basins including Permian, Williston, Appalachia and other contending basins such as the Eagle Ford Co-Purchase with Operating Partners Buying undivided, minority, interests alongside an operated partner in operated asset packages (e.g. Forge transaction, 30% NOG/70% VTLE) Primarily Permian and Appalachia opportunities Traditional Non-Op Bolt-On Fractional working interest opportunities across broad sets of portfolio Generally low concentration risk Scaled non-op packages continue to sell for material discounts to operated assets of equal quality Evaluating Williston, Permian and other contending basins Investor Presentation June 2023 | 12 NOG#13Forge Acquisition: Adding High Quality Acreage to Permian Footprint KEY STATISTICS DELAWARE ASSET LOCATOR MAP • Agreement to purchase 30.0% undivided interest in Forge assets for $162MM valued at <2.5x . Acreage: 10,200 net acres primarily located in Ward and Reeves Counties, TX • Current Production: ~3,400 Boepd (79% Oil) • GAINES DAWSON BORDEN PDP Wells (Net): 30.5 LEA DDY 1) NTM starting 07/01/2023. • • ANDREWS MARTIN HOWARD • LOVING WINKLER ECTOR MIDLAND GLASSCOCK REEVES CRANE UPTO EAGAN Future Locations (Net): 2.3 wells-in-process and ~20 high-value net undeveloped locations with average breakevens of -$50 NYMEX WTI -$38MM of expected capital spend in next 12 months (1) >$65MM NTM Cash Flow from Operations, commencing July 2023 Transaction effective date March 1, 2023, expected to close at the end of June 2023, subject to satisfaction of closing conditions OPERATOR • NOG is co-purchasing the Forge assets with Vital Energy, which has agreed to acquire 70% of the assets and will serve as operator on substantially all of the properties NOG & Vital enhanced joint operating agreement to provide enhanced line-of-sight to development FINANCIAL HIGHLIGHTS • Expected to be accretive to key financial metrics • Strong free cash flow profile to drive lower leverage ratio PECOS NOG • Forge Leasehold Lower unit costs and higher oil cuts than NOG corporate average Horizontal Producers 2021-2023 • Executed hedges for a significant portion of the production Investor Presentation June 2023 | 13 NOG#14Building a Position of Scale In the Permian NOG's position is diversified across top operators and positions in the Permian Permian Net Acres (1) 17,616 29,758 Permian Net Production MBoe/d(1)(2) NOG Top Permian Operators (3) Forge 22.7 3,462 285 2020 2021 2022 Current 5.2 ~34.0 Forge Selected Other Top Operators Matador Chevron CALLON ConocoPhillips devon OXY MEWBOURNE OIL COMPANY 28% 28% COTERRA ED DIAMONDBACK ENERGY Marathon Oil ~34.0 MBoe/d 30.6 EARTHSTONE Energy Inc. 5% 5% 14% 5% PERMIAN RESOURCES 6% DEEP ROCK Seog 10% SM Vital ENERGY Energy 0.2 2020 2021 2022 Current 1) Pro Forma for Forge acquisition. 2) Annual production metrics represent fourth quarter for respective year; current represents 3/31/23. 3) Represents top Permian operators by production as of 3/31/23. Pro Forma, Vital would approximately represent NOG's fourth largest operator by production. Investor Presentation June 2023 | 14 NOG#15Substantial Total Proved Reserves Growth over Last 5 Years (1) A 2.4x increase in NOG's total proved reserves over the last 5 years, driven by its acquisition activity is expected to support durable FCF generation and de-risk the future development pipeline. YE TOTAL PROVED RESERVES Net MMBoe, Audited 1) Reserves as of 12/31/22. Excludes MPDC and Forge. 163.3 135.5 122.6 287.7 330.8 2018 2019 2020 2021 2022 Investor Presentation June 2023 | 15 NOG#16NOG's M&A Execution Has Led to Significant Market Outperformance Since year-end 2020 NOG has outperformed the XOP by over 150% 350% 300% 250% 200% 150% 100% 50% 0% Dec-20 Jun-21 Large-Scale Acquisitions: Dec-21 Williston Source: Data per FactSet as of 5/12/23. Note: Acquisition markers in price performance chart represent transaction closing dates except for Forge acquisition. 1) The XOP represents the SPDR S&P Oil & Gas Exploration & Production ETF, Ticker: XOP. Jun-22 Appalachia Dec-22 Permian Forge NOG +260% Since YE'20 XOP (1) +103% Since YE'20 Investor Presentation June 2023 | 16 NOG#17A Track Record of Dividend Growth NOG has consistently exceeded and accelerated its dividend growth Dividend Per Common Share $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 ACTUAL DIVIDENDS COMPARED WITH INITIAL 2021 DIVIDEND PLAN RECOMMENDATIONS $0.10 $0.08 $0.06 $0.05 $0.05 $0.03 $0.19 $0.18 $0.15 $0.14 $0.12 $0.371 $0.34 $0.30 $0.27 $0.25 $0.24 $0.21 $0.00 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Original Plan ■ Actual Dividend Plan Milestones: • Nine Straight Quarters of Dividend Growth . • Over $140 million will have been returned by Q2-23 to shareholders since plan was instituted Dividends have exceeded initial plan by 30% • Future shareholder return and dividend plans to be presented for approval in late Q2-23/early Q3-23 Investor Presentation June 2023 | 17 NOG 1) Q2-23 dividend declared May 1, 2023; payable on July 31, 2023 to shareholders of record June 29, 2023.#18Disciplined Approach to Delivering Total Return Invest • Buy self funding assets at a premium to cost of capital Protect • Lock in underwritten returns through hedging to ensure acquisitions returns regardless of commodity risk Harvest • . Capture cash flows Deliver returns to investors • Recycle capital to compound returns Investor Presentation June 2023 | 18 NOG#19Balanced Approach to Capital Allocation FREE CASH-FLOW ALLOCATION Shareholder Returns Focus • Regular Dividend • Stock Buybacks Reinvestment For Growth • Organic Acreage Ground Game • Bolt-on Acquisitions Capital • Debt Repayment • Liquidity Enhancement Investor Presentation June 2023 | 19 NOG#20• Enhanced Liquidity Position NOG IS POSITIONED TO EXECUTE ON ITS PIPELINE • Raised $223MM of Equity on May 15, 2023 Issued $500MM of 8.75% senior notes due in 2031 and reduced outstanding balance on the Company revolving line of credit Borrowing Base Expanded in November 2022 to $1.6 billion with an elected commitment of $1.0 billion 05/31/23(1) ($ in millions) $1.6 Billion Borrowing base with a $0.0 balance on the revolver 2023 2024 2025 1) Proforma revolver balance for May 2023 notes and equity offerings. 2026 2027 $705.1 $500 2028 Pro Forma Revolver Capacity Senior Notes New Senior Notes $500 2029 2030 2031 Investor Presentation June 2023 | 20 NOG#21Strong Organizational Infrastructure Supports Investment Decisions Deep presence in three core basins, relationships with a wide breadth of operators and minority interests in thousands of wells gives NOG an informational advantage in determining where to invest free cash flow. INVESTMENT EVALUATION PROCESS NOG (၃) "Comparable data" drawn from comprehensive, proprietary NOG database, built from participation in over 8,900 wells informs our investment evaluation process Engineering and Land teams overlay real time analytics to develop type curves and IRR profiles Organic, ground game, and bolt-on opportunities scrubbed internally and benchmarked against stringent return hurdles Diligence incorporates detailed review of operator's environmental track- record. NOG will not proceed unless satisfactory review is completed Board-level Acquisition Committee vets and approves go/no-go. Finance determines funding path and places appropriate hedges based on internal outlook for oil and gas prices to mitigate risk Board approval required for bolt-on and larger ground game opportunities Investor Presentation June 2023 | 21 NOG#22NOG's Industry Leading Database, Drakkar, Empowers our Data Driven Investment Process Drakkar is an internal, proprietary data science system developed in partnership with technology industry leaders. The system enables us to optimize daily operations and informs our investment management decisions. Inputs ✓ Land, Lease, Unit & Contract Data National Well Database NOG 9,400+ wellbores Evaluation Archives 3rd Party and Public ✓ Reservoir Engineering Models ✓ Financial Data Operator Cost Structure Midstream Statistics Well Development Monitoring ✓ Permitting & Rig Schedules ✓ Production & Capex Reports RAKKAR NOG Outputs Streamlined Access & Communication ✓ Central Data Lake ✓ Instantaneous, Cross-Departmental Data Linkage Real-Time Data Analytics & Reporting ✓ Process Improvements Live Dashboards ✓ Improved Monitoring Well Performance ✓ Operator Cost Structures ✓ Operator Behaviors ✓ M&A Activity Investor Presentation June 2023 | 22 NOG#23Sustainability Framework NOG instituted explicit board-level oversight of ESG and is working toward expanding and improving disclosures related to ESG. • • ENVIRONMENTAL Operators are screened for environmental and safety records NOG's largest operator by volume, EQT, has been a leader in Certified Natural Gas environmental stewardship • ESG Report published in 3Q-22 • • • SOCIAL NOG employees provided free health care and paid family leave NOG has an employee-led Charity Committee and donates to several organizations in its community Continue to analyze carbon offset projects • GOVERNANCE Separate CEO and Chairman roles . Significant shareholder • • representation on Board NOG G&A per Boe is among the lowest in the industry NOG CEO to Employee pay ratio 13:1, lowest in its entire peer group BOYS & GIRLS CLUBS OF THE TWIN CITIES TWIN CITIES R!SE Investor Presentation June 2023 | 23 NOG#24Alignment with Operators who are ESG Leaders NOG's Current Top Ten Public Operators Represent a "Who's Who" of ESG Stewardship. Dedicated ESG Section of Website Board-Level Oversight of ESG Formal ESG Policy Provides ESG Report Discloses and Tracks ESG Related Targets EQT CLR OVV CHRD COP EOG HES DVN ERF XOM IPIECA, API, IOGP, TCFD 2017, SASB GRI, TCFD, DTF, AXPC, SASB IPIECA, TCFD, SASB AXPC, SASB GRI, IPIECA, SASB AXPC, SASB, TCFD IPIECA, API, UNCGTP, TCFD, SASB, WEF SCCM OGMP 2.0, IPIECA, API, IOGP, GRI, TCFD, SDGs, SASB AXPC, CAPP, IPGA, API, CDP SDGs, IPIECA, ΑΡΙ Investor Presentation June 2023 | 24 NOG#25PART 2 Recent Financial Results NOG#26Q1-23 Financial & Operating Highlights Dividend Growth • Q1 Free Cash Flow1 -$84MM Strong cash generation driven by sequential quarter double digit production volumes growth Q1 Production +143% Dividend increased to $0.34, +143% vs. Q1-22, +13% vs. Q4-22 87.4Mboe/d +11% vs. Q4-22 Q1 Adjusted ROCE1 27.5% +300 bps vs. Q4-22 Strong Execution, Continuing Momentum from Q4-22 • Growth in production and smooth integration drives outperformance • Completed MPDC Mascot acquisition in Q1 for a $320MM initial closing settlement • Adjusted EBITDA $325.5MM in Q4, +23% QoQ • Q1 net production +11% YoY • Recycle ratio of 3.4x and adjusted ROCE¹ of 27.5% . Active Ground Game in Q1 while Vetting Largest Opportunity Set in the Company's history • Completed $11.5 million in ground game acquisitions • Large M&A opportunity set exceeds $6B Shareholder Returns • $0.37 Q2 Dividend declared, 9% increase from $0.34 in Q1, 23% increase from $0.30 in Q4 22 • 287,751 shares of common stock repurchased in Q1 at an average share price of $27.82 1) Q1 Adj. EBITDA1 $325.5MM +23% vs Q4-22 Q1 Leverage¹ <1.4x Net Debt/LQA Adj. EBITDA Down Q/Q despite Mascot Acquisition Free Cash Flow, Adjusted EBITDA, and ROCE are non-GAAP financial measures. See Appendix for methodology and reconciliations. We calculate ROCE with past impairments added back to Total Assets. Net debt is total debt less cash and acquisition deposits. • • $19.1MM in Senior Notes repurchased at <97% of Par Value Balance Sheet Strength • • Despite lower oil prices and significantly lower natural gas prices, NOG saw improvements to leverage driven by growth and free cash flow Reduced revolving credit facility balance by ~ $25MM post-MPDC closing Reduced 2028 bonds outstanding by $19.1MM with an annual interest savings of $1.6MM or $0.02 per share Investor Presentation June 2023 | 26 NOG#27Q1 2023 Production by Basin NOG's Production Mix Continues to Become More Diversified and Balanced with the Permian Leading the Charge. 13% 52% 35% Region Williston Permian Marcellus . Permian production was record in total and as a portion of NOG's production mix (35%) • Strong, near-record Williston production, with growth projected in the coming quarters • Nearly flat Marcellus production quarter over quarter, despite limited activity Investor Presentation June 2023 | 27 NOG#28Q1 2023 Production by Commodity and Basin (% Boe) Production was heavily weighted toward oil in Q1 and is expected to grow given higher productivity in the Williston and as MPDC volumes come online. 62% Commodity Type Oil Gas 38% 27% Williston 73% ■ Oil ■ Gas 31% Permian 69% Marcellus 100% ■ Gas ■ Oil ■ Gas Investor Presentation June 2023 | 28 NOG#29Q1 2023 Cap Ex by Basin Capital Expenditures were weighted toward the Williston Basin in Q1 with emphasis balanced between the Williston and Permian for the remainder of the year. 33% 1% Region 66% Williston Permian Marcellus • Seasonally strong activity as TILS were up -30% vs. Q1 22 . Expecting TIL activity to ramp into the summer as weather clears for completions • Low Marcellus Capex in 2023, activity planned for 2024 turn-in-lines • • While moderate, inflation persists in new AFEs but remains within NOG's forecasted range Workover Activity accounted for ~5% of Drilling & Development CapEx as operators were opportunistic during lower crude price windows Investor Presentation June 2023 | 29 NOG#30PART 3 Appendix NOG#31Historical Operating & Hipprical Operating Information Financial Information Production Oil (MBbls) Natural Gas and NGLS (Mmcf) Total Production (Mboe) Revenue 2020 2021 2022 Q1 22 Q1 23 9,361.1 12,288.4 16,090.1 16,473.3 44,073.9 12,106.7 68,829.1 19,634.1 27,561.6 3,824.0 15,533.6 6,412.9 4,847.8 18,101.3 7,864.7 Realized Oil Price, including settled derivatives ($/bbl) Realized Natural Gas and NGL Price, including settled derivatives ($/Mcf) Total Oil & Gas Revenues, including settled derivatives (millions) Adjusted EBITDA (millions) Key Operating Statistics ($/Boe) Average Realized Price SS $ 52.69 $ 52.77 $ 69.60 $ 65.09 $ $ 1.14 $ $ $ 512.3 $ 351.8 $ 3.65 $ 5.83 $ 809.3 $ 1,530.3 $ 543.0 $ 1,086.3 $ 6.01 $ 351.3 $ 72.09 4.99 439.9 256.6 $ 325.5 ՄՌ $ 42.32 $ 41.22 $ 55.52 $ 54.78 $ 55.94 Production Expenses 9.61 8.70 9.46 8.50 9.93 Production Taxes 2.46 3.92 5.74 5.40 4.44 General & Administrative Expenses - Cash Adjusted (2) 1.19 0.94 0.91 0.86 0.94 Total Cash Costs $ 13.26 $ 13.56 $ 16.11 $ 14.76 $ 15.31 Operating Margin ($/Boe) $ Operating Margin % 29.06 $ 68.7% 27.66 $ 39.41 $ 40.02 $ 40.63 67.1% 71.0% 73.1% 72.6% Historical Financial Information ($'s in millions) 2020 2021 2022 Q1 22 Q1 23 Assets Current Assets Property and Equipment, net Other Assets $ 125.6 $ 735.2 11.3 Total Assets Liabilities Current Liabilities $ 872.1 $ 215.3 $ 1,253.3 54.3 1,522.9 $ 320.5 $ 2,482.9 71.8 2,875.2 $ 323.5 $ 1,689.5 11.5 2,024.5 $ 395.9 2,915.9 31.1 3,342.9 $ 182.5 $ Long-term Debt, net 879.8 327.6 $ 803.4 345.0 $ 1,525.4 625.5 $ 1,119.5 345.3 1,756.9 Other Long-Term Liabilities Stockholders' Equity (Deficit) Total Liabilities & Stockholders' Equity (Deficit) Credit Statistics 33.1 176.8 259.5 314.8 192.6 (223.3) 215.1 745.3 (35.3) 1,048.1 $ 872.1 $ 1,522.9 $ 2,875.2 $ 2,024.5 $ 3,342.9 (1) Adjusted EBITDA (Annual, Q1 2022/23 TTM) $ Net Debt $ ՄԴ ՄԴ 351.8 $ 543.0 $ 1,086.3 $ 700.7 $ 1,155.2 948.3 $ 795.5 $ 1,540.7 $ 1,117.7 $ 1,768.0 Total Debt $ 949.8 $ 805.0 $ 1,543.2 $ 1,121.0 $ 1,774.1 (1) Net Debt/Adjusted EBITDA 2.7x 1.5x 1.4x 1.6x 1.5x (1) Total Debt/Adjusted EBITDA 2.7x 1.5x 1.4x 1.6x 1.5x 1) Adjusted EBITDA and Net Debt are non-GAAP measures. See reconciliations on the slide that follows. 2) Excludes certain acquisition related expenses. Investor Presentation June 2023 | 31 NOG#32NON-GAAP Reconciliations: Adjusted EBITDA & Other Adjusted EBITDA and Adjusted EBIT by Year (in thousands) 2020 2021 2022 Net Income (Loss) $ (906,041) $ 6,361 $ 773,237 Add: Interest Expense Income Tax Provision (Benefit) Depreciation, Depletion, Amortization and Accretion 58,503 (166) 162,120 59,020 233 140,828 80,331 3,101 251,272 Impairment of Oil and Natural Gas Properties 1,066,668 Non-Cash Share Based Compensation 4,119 3,621 5,656 Write-off of Debt Issuance Costs 1,543 (Gain) Loss on the Extinguishment of Debt 3,718 13,087 (810) Contingent Consideration (Gain) Loss 169 292 (1,859) Acquisition Costs (Gain) Loss on Unsettled Interest Rate Derivatives 8,190 16,593 1,019 (1,043) (993) (Gain) Loss on Unsettled Commodity Derivatives Adjusted EBITDA (39,878) 312,370 (40,187) $ 351,774 $ 542,959 $ 1,086,341 Adjusted EBIT $ 189,654 $ 402,131 $ 835,069 Adjusted EBITDA and Adjusted EBIT by Quarter (in thousands) Net Income (Loss) Add: Interest Expense Q1 21 $ (90,357) $ Q2 21 (90,563) $ Q3 21 12,553 $ Q4 21 174,727 $ Q1 22 (206,560) $ Q2 22 251,264 $ Q3 22 583,465 $ Q4 22 145,068 $ Q1 23 340,191 13,510 15,024 14,586 Income Tax Provision (Benefit) 15,899 233 17,978 789 Depreciation, Depletion, Amortization and Accretion Non-Cash Share Based Compensation 31,221 768 30,908 35,885 42,814 779 699 1,374 53,185 1,447 18,410 1,006 54,796 20,135 1,333 23,808 (27) 30,143 692 65,975 77,317 94,618 1,421 1,341 1,447 2,151 (Gain) Loss on the Extinguishment of Debt 12,594 494 (236) (339) (235) (659) Contingent Consideration (Gain) Loss 125 250 (82) (1,859) (6,176) Acquisition Transaction Costs 2,511 3,016 677 1,986 6,848 514 (Gain) Loss on Unsettled Interest Rate Derivatives (240) (121) (92) (589) (1,290) (524) 2,932 42 6,299 3,481 (Gain) Loss on Unsettled Commodity Derivatives 128,638 173,057 71,845 (61,170) 384,227 (54,117) Adjusted EBITDA $ Adjusted EBIT $ 98,770 $ 67,549 $ 132,844 $ 101,936 $ 136,071 $ 100,186 $ 175,274 $ 132,460 $ 256,623 $ 203,438 $ 272,534 $ 217,738 $ (382,500) 292,384 $ 226,409 $ 779 12,203 264,800 $ 187,484 $ 1,017 (139,987) 325,472 230,854 Other Non-GAAP Metrics by Quarter (in thousands) Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Total General and Adminstrative Expense Non-cash General and Adminstrative Expense $ 6,783 $ 7,605 $ 769 779 Total General and Adminstrative Expense - Cash Less: Acquisition Costs - Cash 6,014 6,826 5,490 $ 699 4,791 10,463 $ 13,813 $ 8,065 $ 10,277 $ 15,045 $ 13,000 1,374 1,447 1,421 1,341 1,447 2,151 9,089 12,366 6,644 8,936 13,598 10,849 (2,511) (3,016) Total General and Adminstrative Expense - Cash Adjusted $ 3,503 $ 3,810 $ (677) 4,114 $ (1,986) (6,848) 7,103 $ 5,518 $ (514) 6,130 $ (2,932) (6,299) (3,481) 6,004 $ 7,299 $ 7,368 Total Principal Balance on Debt $ Less: Cash and Cash Equivalents Net Debt $ 828,669 $ (2,729) 825,940 $ 813,000 $ (4,843) 808,157 $ 869,000 $ (2,006) 866,994 $ 805,000 (9,519) 795,481 $ $ 1,121,000 $ (3,335) 1,117,665 $ 1,103,625 $ (1,471) 1,102,154 $ 1,170,555 $ (9,129) 1,161,426 $ 1,543,235 $ (2,528) 1,540,707 $ 1,774,108 (6,073) 1,768,035 Note: Adjusted EBITDA, Adjusted EBIT, Adjusted Cash G&A and Net Debt are non-GAAP measures. Investor Presentation June 2023 | 32 NOG#33NON-GAAP Reconciliations: ROCE & Recycle Ratio Q1-23 Return on Capital Employed (ROCE) EBIT(1) Capital Employed = 42.0% EBIT(1): $923.4MM (Q1 23 annualized) • + Adj. EBITDA(1): $325.5MM • - DD&A: $94.6MM Capital Employed: $2,198.3MM (Avg. of Q1 22/23) • + Total Assets: $2,683.7MM (Avg. of Q1 22/23) • - Current Liabilities: $485.4MM (Avg. of Q1 22/23) Q1-23 Adjusted Return on Capital Employed (ROCE) - Excludes impairment charges post Q2 20 EBIT(1) Capital Employed = 27.5% • EBIT(1): $848.3MM (Q1 23 annualized) • • + Adj. EBITDA(1): $325.5MM - DD&A: $113.4MM Capital Employed: $3,080.6MM (Avg. of Q1 22/23) • + Total Assets: $3,565.8MM (Avg. of Q1 22/23) ⚫ - Current Liabilities: $485.2MM (Avg. of Q1 22/23) Q1-23 Recycle Ratio Cash Margin Note: Numbers may be off due to rounding. DD&A || 3.4x • Cash Margin: $40.63/Boe • + Realized avg. commodity price: $55.94/Boe ⚫ - Cash Costs: $15.31/Boe (2) DD&A Rate: $12.03/Boe 1) Adjusted EBIT and Adjusted EBITDA are non-GAAP measures. See reconciliation on prior slides. Investor Presentation June 2023 | 33 NOG 2) Incorporates Adjusted Cash G&A of $0.94/Boe, which excludes certain acquisition related expenses. Adjusted Cash G&A is a non-GAAP financial measure. See reconciliation on prior slides.#34NON-GAAP Reconciliations: Free Cash Flow FREE CASH-FLOW (FCF) (in thousands) Net Cash Provided by Operating Activities Exclude: Changes in Working Capital and Other Items Less: Capital Expenditures (1) Less: Series A Preferred Dividends Free Cash Flow Q1 22 $ 154,034 $ Q2 22 Q3 22 Q4 22 210,239 $ 276,766 $ 287,379 $ Q1 23 269,308 80,985 (86,020) 41,948 (135,055) (7,505) (156,095) (53,029) (145,890) 26,864 (212,235) (3,016) $ 145,983 $ (2,810) 114,322 $ (2,610) 110,556 $ (1,367) 87,094 $ 83,937 (1) Capital Expenditures are calculated as follows: Cash Paid for Capital Expenditures $ 417,482 $ 106,740 $ Less: Non-Budgeted Acquisitions (344,264) Plus: Change in Accrued Capital Expenditures and Other 12,802 Capital Expenditures $ 86,020 $ 3,288 25,027 135,055 $ 301,240 $ (151,303) 6,158 156,095 $ 529,735 $ (388,656) 4,811 145,890 $ 460,982 (271,606) 22,859 212,235 Investor Presentation June 2023 | 34 NOG#35Hedge Profile-COLLARS NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside CRUDE OIL DERIVATIVE COLLARS Contract Period Barrels Per Day Ceiling (Bbls/d) Barrels Per Day Floor (Bbls/d) Price Ceiling ($/Bbl) Price Floor ($/Bbl) Contract Period NATURAL GAS DERIVATIVE COLLARS Million British Thermal Units British Therma Price Ceiling Million Price Floor Per Day I Units Per Day ($/mmbtu) ($/mmbtu) (mmbtu/d) (mmbtu/d) 2023(1) Q2 11,706 9,956 $89.42 $73.64 Q2 52,500 52,500 $6.577 $4.190 Q3 18,545 14,545 $86.87 $72.24 Q3 55,000 55,000 $6.674 $4.182 Q4 19,124 15,024 $86.09 $72.18 Q4 68,315 68,315 $6.902 $4.134 Avg./Total 16,475 13,186 $87.17 $72.57 Avg./Total 58,627 58,627 $6.734 $4.162 2024(1) Q1 20,597 13,575 $85.21 $70.04 Q1 17,500 17,500 $7.917 $4.000 Q2 20,608 13,730 $84.98 $69.36 Q2 2,500 2,500 $8.700 $4.000 Q3 7,751 6,251 $80.96 $68.75 Q3 Q4 7,164 5,414 $82.44 $69.00 Q4 Avg./Total 13,248 9,721 $84.03 $69.45 Avg./Total 4,973 4,973 $8.015 $4.000 2025(1) Q1 3,123 2,123 $79.00 $68.21 Q1 29,341 29,341 $5.810 $3.250 Q2 2,689 1,939 $75.52 $68.62 Q2 23,909 23,909 $5.792 $3.250 Q3 2,354 1,604 $75.86 $68.65 Q3 21,269 21,269 $5.779 $3.250 Q4 2,066 1,316 $77.20 $68.53 Q4 20,367 20,367 $5.774 $3.250 Avg./Total 2,555 1,743 $76.99 $68.49 Avg./Total 23,690 23,690 $5.791 $3.250 2026(1) Q1 280 280 $70.00 $63.90 Q1 19,236 19,236 $5.949 $3.250 Q2 280 280 $70.00 $63.90 Q2 19,236 19,236 $5.949 $3.250 Q3 280 280 $70.00 $63.90 Q3 19,236 19,236 $5.949 $3.250 Q4 280 280 $70.00 $63.90 Q4 19,236 19,236 $5.949 $3.250 Avg./Total 280 280 $70.00 $63.90 Avg./Total 19,236 19,236 $5.949 $3.250 1) Hedges are as of May 22, 2023. This table does not include volumes subject to swaptions, basis swaps, and call options, which could increase the amounts of volumes hedged at the option of NOG's counterparties. For additional information, see Note 11 to our financial statements included in our Form 10-Q filed with the SEC for the year ended March 31, 2023. Investor Presentation June 2023 | 35 NOG#36Hedge Profile-SWAPS NOG continues to execute a strategy built around the safeguard of returns during a commodity down-cycle, while retaining flexibility to capture the opportunistic upside CRUDE OIL DERIVATIVE PRICE SWAPS - NYMEX NATURAL GAS DERIVATIVE PRICE SWAPS - NYMEX Contract Period Barrels Per Day (Bbls/d) Total Hedged Volumes (Bbls) Weighted Average Price ($/Bbl) Contract Period Million British Thermal Units Per Day Total Hedged Volumes (mmbtu) Weighted Average Price ($/mmbtu) (mmbtu/d) 2023(1) Q2 23,956 2,179,962 $75.81 Q2 71,926 6,545,221 $4.202 Q3 20,170 1,855,613 $76.92 Q3 87,678 8,066,370 $4.025 Q4 19,524 1,796,176 $75.84 Q4 84,418 7,766,458 $3.987 Avg./Total 21,206 5,831,751 $76.17 Avg./Total 81,375 22,378,049 $4.064 2024(1) Q1 7,797 709,503 $77.23 Q1 77,271 7,031,616 $3.753 Q2 7,883 717,317 $76.08 Q2 78,064 7,103,805 $3.576 Q3 7,751 713,056 $74.42 Q3 77,385 7,119,457 $3.574 Q4 3,614 332,449 $68.95 Q4 52,369 4,817,909 $3.561 Avg./Total 6,755 2,472,325 $74.97 Avg./Total 71,237 26,072,787 $3.620 2025(1): Q1 623 56,099 $65.78 Q1 11,500 1,035,000 $3.791 Q2 439 39,983 $65.18 Q2 5,055 460,000 $4.000 Q3 354 32,594 $64.60 Q3 5,000 460,000 $4.000 Q4 316 29,111 $64.13 Q4 3,315 305,000 $4.000 Avg./Total 432 157,787 $65.08 Avg./Total 6,192 2,260,000 $3.904 2026(1): Q1 280 25,226 $63.55 Q1 Q2 280 25,507 $63.09 Q2 Q3 280 25,787 $62.70 Q3 Q4 280 25,787 $62.11 Q4 Avg./Total 280 102,307 $62.86 Avg./Total 1) Hedges as of May 22, 2023. This table does not include volumes subject to swaptions, basis swaps, and call options, which could increase the amounts of volumes hedged at the option of NOG's counterparties. For additional information, see Note 11 to our financial statements included in our Form 10-Q filed with the SEC for the year ended March 31, 2023. Investor Presentation June 2023 | 36 NOG#37Important Disclosures Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the "Securities Act") and the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts included in this presentation regarding Northern Oil and Gas, Inc.'s ("NOG," "we,” “us” or “our”) dividend plans and practices, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production, and cash flow are forward-looking statements. When used in this presentation, forward-looking statements are generally accompanied by terms or phrases such as "estimate,” “project,” “predict,” “believe,” “expect,” “continue," "anticipate,” “target,” “could,” “plan,” “intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's current properties and properties pending acquisition, changes in NOG's capitalization, infrastructure constraints and related factors affecting NOG's properties; cost inflation or supply chain disruptions, ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; NOG's ability to acquire additional development opportunities, potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG's acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG's cash position and levels of indebtedness; changes in NOG's reserves estimates or the value thereof, disruption to NOG's business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; risks associated with NOG's Convertible Notes, including the potential impact that the Convertible Notes may have NOG's financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transaction undertaken in tandem with the Convertible Notes issuance, including counterparty risk; increasing attention to environmental, social and governance matters; NOG's ability to consummate any pending acquisition transactions; other risks and uncertainties related to the closing of pending acquisition transactions; NOG's ability to raise or access capital; cyber-incidents could have a material adverse effect NOG's business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG's control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions; and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled "Item 1A. Risk Factors" and other sections of NOG's most recent Annual Report on Form 10-K and Quarterly Report on Form 10- Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG's actual results to differ from those set forth in the forward- looking statements. NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws. Investor Presentation June 2023 | 37 NOG#38Important Disclosures Industry and Marketing Data Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, NOG has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of NOG, which are derived from its review of internal sources as well as the independent sources described above. This presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with NOG. While NOG is not aware of any misstatements regarding the industry and market data presented in this presentation, such data involve risks and uncertainties and are subject to change based on various factors, including those factors discussed under "Forward Looking Statements" above. NOG has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) EBITDA, (ii) Adjusted EBITDA, (iii) Net Debt, (iv) Return on Capital Employed ("ROCE"), (v) Recycle Ratio and (iv) Free Cash Flow. These non-GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. Please refer to the slides titled "Non- GAAP Reconciliations: Adjusted EBITDA & Other," "Non-GAAP Reconciliations: ROCE & Recycle Ratio," "Non-GAAP Reconciliations: Free Cash Flow" under the Appendix to this presentation for a reconciliation of these measures to the most directly comparable GAAP measures and NOG's definitions (which may be materially different than similarly titled measures used by other companies) of these measures as well as certain additional information regarding these measures. NOG believes the presentation of these metrics may be useful to investors because it supplements investors' understanding of its operating performance by providing information regarding its ongoing performance that excludes items it believes do not directly affect its core operations. From time-to-time NOG provides forward-looking Free Cash Flow estimates or targets; however, NOG is unable to provide a quantitative reconciliation of the forward-looking non-GAAP measure to its most directly comparable forward-looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward-looking GAAP measure. The reconciling items in future periods could be significant. Investor Presentation June 2023 | 38 NOG