Investor Presentation June 2023

Benefits 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

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