Item 2.02 - Results of Operations and Financial Condition.

Northern Oil and Gas, Inc. (the "Company") announced third quarter net earnings of $871,819, or approximately $0.03 per share on revenue of $1,362,655. These results represent a 208% increase in earnings compared to the second quarter of 2008. Revenue increased by approximately 80% compared to the second quarter of 2008, and general and administrative expenses were approximately 40% under budget. The Company has reduced general and administrative expenses for the second consecutive quarter this year, demonstrating a strong commitment to cost controls.

The Company recently participated in the successful drilling and completion of an additional seven oil producing wells in the North Dakota Bakken trend. The seven wells began producing at an average initial rate of 740 barrels of oil per day. The Company is also a working interest participant in an additional 15 wells currently drilling or completing in the North Dakota Bakken and Three Forks/Sanish formations. The Company has achieved a 100% success rate in wells drilled during 2008.

A copy of the press release which the Company issued reporting the foregoing information is attached as Exhibit 99.1.

Item 9.01 - Financial Statements and Exhibits

(d) Exhibits Exhibit Number Description 99.1 Press Release dated November 4, 2008