Northern Oil and Gas Inc. named CFO Nicholas O’Grady as president on Sept. 10, filling a position left vacant following the resignation of the Bakken nonop company’s founder, Michael Reger, last month.

O’Grady has nearly two decades of finance experience, which includes serving as CFO of Northern for roughly a year, according to a company release. In the short time since O’Grady became Northern’s CFO, the company has completed multiple acquisitions worth of millions of dollars. Most recently, Northern Oil and Gas acquired the Williston Basin properties of Flywheel Energy LLC in a transaction worth more than $310 million.

The multiple acquisitions not only have helped crystalize Northern’s identity as the largest pure-play Williston nonoperator, but also furthered its goal of transitioning to a free cash flow model—something which Bahram Akradi, chairman of the Northern board, said O’Grady has championed.

“Since joining Northern in June 2018, Mr. O’Grady has been instrumental in the acquisitions and financing transactions that have positioned Northern to thrive by fortifying our balance sheet and nearly doubling our production,” Akradi said in a statement on Sept. 10.

Prior to joining Northern, O’Grady had most recently worked at Hudson Bay Capital Management, where he focused on energy-related equities, public credit, private and direct investments. 

He had begun his career in the natural resources investment banking group at Bank of America before later moving to the hedge fund industry to work at firms such as Highbridge Capital Management. While at Highbridge, O’Grady was the lead investor in Northern’s initial marketed capital raise in 2007.

O’Grady will hold the title as Northern’s president in addition to his current role as CFO the company.

Northern’s previous president, Reger, stepped down Aug. 1 to pursue opportunities outside the Williston Basin. Northern said Reger’s departure was amicable.

Reger had founded the Minnetonka, Minn.-based company in 2006. He will continue to serve as Northern’s chairman emeritus and also be available to assist the company in the transition under a consulting arrangement through March 2020, a company release said.

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