Northern Oil and Gas delivered outstanding hedge results combined with dividend growth and shareholder value returns which drove their stock value up in late trading.

During extended trading on Wednesday Northern Oil and Gas Inc. stock increased when the company announced solid first-quarter financial results together with strong derivative performance and attractive shareholder distributions.

The ongoing changes in the value of Northern Oil & Gas's oil derivatives portfolio resulted in between $9 million and $10 million of estimated unrealized market-to-market gains for the quarter. The company achieved significant realized hedge gains totaling $11 million to $12 million through its crude oil and Waha basis hedging activities.

Northern Oil and Gas implemented additional derivatives positions exceeding past estimates primarily through fossil fuel and Waha base contract and M2 basis hedge purchases.

Shareholder funds received $42 million in dividends throughout the first quarter financial period. Northern Oil and Gas raised its quarterly dividend payout by 7% to 45 cents per share during its payment in February. Shareholders will receive the dividend payment on April 30.

During the first quarter Northern Oil and Gas spent $15.17 million to buy 499100 shares with an average price of $30.07 per share. The company expects solid performance in the future as it achieved $57 million in shareholder returns throughout the year thus far.  Northern Oil and Gas has set April 29 as the day for announcing its first-quarter financial results.