CIT Serves as Lead Arranger in Financing for Northern Oil and Gas

CIT Group Inc. (NYSE: CIT), a bank holding company, today announced that it served as lead arranger in a $25 million senior secured revolving credit facility to Northern Oil and Gas, Inc. (NYSE/AMEX: NOG), an exploration and production company. Financing for the deal was arranged by CIT Energy through CIT Bank, a Utah state bank. Terms of the transaction were not disclosed.

“We are pleased to arrange this financing to Northern Oil and Gas, which will enable them to further develop their acreage in North Dakota’s Bakken Shale,” said Peter Gaw, President of CIT Energy. “As a committed partner to the exploration and production community, we look forward to building our relationship with Northern Oil and Gas in the future.”

Michael Reger, Chief Executive Officer of Northern Oil and Gas, Inc., said, “Our team benefited greatly from the small-cap exploration and production expertise CIT Energy offers and the support they provided throughout this transaction. CIT clearly understood the value of our Bakken drilling inventory, despite a challenging crude oil market.”

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About Northern Oil and Gas, Inc.

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota Bakken Shale. Northern Oil's secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region. www.NorthernOil.com

About CIT

CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the S&P 500 and Fortune 500. www.cit.com