NOG NORTHERN OIL & GAS, INC.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q1 2026: $15M, Q3 2025: $14M, Q2 2025: $35M, Q1 2025: $20M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $15M vs trailing avg $23M (-35%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $84M / FCF $51M = 166% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 0 shares = 0.0% of 97,265,559 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

2 open-market purchases by 1 insiders

• EASLEY ROY ERNEST () bought 10,000 shares at $23.38 on 2025-12-11
• EASLEY ROY ERNEST () bought 15,000 shares at $24.46 on 2025-12-10

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters and 2 insider purchases by 1 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $1M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected