Northern Oil and Gas Inc.’s board of directors has declared a cash dividend amounting to $0.38 per share of common stock, the company announced in an Aug. 1 press release.

The dividend represents an increase of approximately 3% compared to the previous quarter and will be payable on Oct. 31 to all stockholders of record by the close of business on Sept. 28.

Northern Oil and Gas is an E&P primarily focused on “investing in non-operated minority working and mineral interests,” according to the company’s website.