Document:

exhibit10_1.htm

    Exhibit
10.1

     

     

    AGREEMENT

     

    THIS
AGREEMENT (the "Agreement") is entered into as
of the 14th day of April, 2008, by and between DEEPHAVEN MCF ACQUISITION LLC, a
Delaware limited liability company ("Purchaser"), and NORTHERN OIL
AND GAS, INC., a Nevada corporation ("Agent"). Each of Purchaser and
Agent is referred to individually herein as a "Party" and collectively herein
as the "Parties".

     

    BACKGROUND

     

    WHEREAS, Agent
desires to act as Purchaser's agent from the date hereof and continuing until
August 1, 2008 (the "Agency
Period") to acquire oil, gas and mineral interests/leases for Purchaser
in the area known as the Bakken Shale in Mountrail County, North Dakota (the
"Designated Area") to be
specifically described from time to time on an Exhibit 1, as agreed
on by the Parties prior to the date hereof, and an Exhibit 2, as agreed
on by the Parties subsequent to the date hereof, and which are reasonably
satisfactory to the Purchaser, after it receives reasonable prior notice and
information with regard thereto from Agent (the "Leases"), for a total
consideration to be paid by Purchaser for such Leases not to exceed, in any
event, Eight Million One Hundred Thousand Dollars ($8,100,000.00) in the
aggregate; provided, however, that the
Agency Period during which the Agent may purchase Leases for Purchaser may be
extended with the written consent of both the Agent and the
Purchaser.

     

    In
consideration of the representations, warranties, and covenants herein
contained, and for such other good and valuable consideration, the sufficiency
and receipt of which is hereby acknowledged by each of the Parties hereto, the
Parties, intending to be legally bound hereby, agree as follows:

     

    1.           Definitions.  Set
forth on the attached Exhibit 3 are various
defined terms that are used in this Agreement, in addition to those terms which
are defined elsewhere herein.  For the purposes of this Agreement, the
capitalized words and phrases listed on Exhibit 3, when used
in this Agreement, shall have the meanings set forth on Exhibit
3.

     

    2.           Purchase and
Sale.

     

    (a)           Transferred
Interests.

     

    (i)           Initial Lease
Group.  At the Initial Closing (as defined below), Purchaser
agrees to purchase the Leases referenced on Exhibit 1 hereto ( the “Initial Lease Group”) in the Designated
Area and, subject to the prior written approval of the
Purchaser, in areas outside of the Designated Area, for consideration of
Five Million One Hundred Thirty-Two Thousand Three Hundred Eighty-One Dollars
and 50 Cents ($5,132,381.50) to be paid by Purchaser for such Initial Lease
Group pursuant to the terms of this Agreement.

     

    (ii)           Additional
Leases.  During the Agency Period, Agent agrees to purchase
Leases only in the Designated
Area, in addition to the
Initial Lease Group, which Additional Leases
will be referenced on Exhibit 2 hereto as agreed on by the Parties
subsequent to the date hereof (the “Additional Leases”), for Purchaser's benefit for
consideration of up to Three Million Dollars ($3,000,000.00) pursuant to the
terms of this Agreement.

     

     (iii)           All
Leases must comply with the terms and conditions of this Agreement and
Applicable Law at the time of each Closing.  At each Closing Agent
will ensure that the title to such Leases, together with the Oil and Gas
Interests represented thereby (together with the title to the Leases,
collectively, the "Transferred
Interests"), are put in the name of Purchaser and not
Agent.  Agent further agrees to promptly record Purchaser's interest,
at Agent's expense, in each such Lease as may be required by Applicable Law and
in any such case in conformity with reasonable commercial
practices.  Agent will use reasonable commercial practices in
performing a title search of each Lease and property subject to a Lease, and
will communicate any material issue or defect in the title to each such Lease or
property known to Agent to Purchaser within a reasonable time prior to any
Closing.  Purchaser's interest in the Leases, together with all
Transferred Interests, shall be purchased by
Agent in the
same manner and with the same care as if such Leases were being purchased
entirely for Agent's own account, so that the Purchaser has Good and Marketable
Title to the Lease.  Agent further agrees to promptly record
Purchaser's interest, at Agent's expense, in each such Lease as may be required
by applicable Law and in any such case in conformity with reasonable commercial
practices.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           No Liabilities
Assumed.  The Purchaser is not assuming any Liabilities of the
Agent, including, without limitation, Liabilities which Agent has incurred while
acting as the Agent of the Purchaser under this Agreement, or in conducting any
of its other business and/or under the Leases for any time prior to expiration
of the applicable Agent Option Periods granted to Agent in Section 5(a) below.

     

    3.           Closing.  The
purchase and sale of the Leases shall occur through one or more closings (each a
"Closing") pursuant to
the terms of this Section 3.  Each Closing shall take place at Agent’s
principal office in Wayzata, Minnesota (each, on a "Closing Date").

     

    (a)           Purchase
Price.  Purchaser shall deliver to Agent at each Closing funds
sufficient to purchase the Lease Groups
designated for purchase at such Closing on Exhibit
"1" or Exhibit "2", as applicable, which when paid shall be deemed the
"Lease Group Purchase Price" under this
Agreement, for any and all Lease Groups
which are to be purchased in Purchaser's name at such Closing; provided,
however, that Purchaser shall not be obligated to purchase any Lease at a
Closing (v) for more than One Thousand and No/100ths Dollars ($1,000.00) per
acre bonus consideration, (w) which is burdened by royalty and/or overriding
royalty interest(s) aggregating more than twenty percent (20%), (x) which has a
remaining term of less than four (4) years, and (y) which contains any unreasonable
surface use restrictions that would materially impair the ability of the
Purchaser to drill oil or gas wells.  The Lease Group Purchase Price
shall be based on all of Agent's actual costs for acquiring the Leases in that Lease Group, including allocated field
landman and allocated legal expense, for the acquisition of the Leases, without
any mark-up or other adjustment.

     

    (b)           Initial
Closing.  The purchase and sale (the "Initial Closing") of the Initial
Lease Group, as provided for in this
Agreement, will occur on or before April 15, 2008.

     

    (c)           Subsequent
Closings.  The Closing of the purchase and sale of any
Additional Leases ("Additional
Lease Group"), as provided for in this Agreement, will occur on one or
more dates after April 15, 2008 (each a "Subsequent
Closing").  Unless Purchaser rejects any of the Additional
Leases in an Additional Lease Group (as
defined on Exhibit 2) because of (a) title defects, (b) because the Leases do not comply with the
terms of this Agreement as provided in Section
3(a) and otherwise herein, or (c) because Purchaser has a reasonable good faith
reason to believe that a Lease will not result in a well capable of producing
commercial quantities of hydrocarbons from the Middle Bakken Shale
Formation,
Purchaser shall deliver to Agent or its designee, within ten (10)
business days of receipt of written (i) notice from Agent identifying the
Additional Leases proposed to be acquired, including at a minimum the
information concerning each such Additional Lease that is referenced on Exhibit
2 hereto, together with reasonable title information and notice of any material
issues or defects in title as to any of the Additional Leases included in the
Additional Lease Group which are
known to the Agent and (ii) evidence that each Additional Lease to be acquired
as part of a proposed Additional Lease Group complies
with the provisions of this Agreement, funds at a Subsequent Closing sufficient
to purchase the Additional Lease Group
submitted by Purchaser for a Subsequent Closing, which when paid shall be deemed
the Lease Group Purchase Price under this Agreement for any and all Additional
Leases in the Additional Lease Group; provided,
however, that in no event will a Subsequent Closing occur if the total Lease
Group Purchase Price of Additional Leases in an
Additional Lease Group to be acquired at any Subsequent Closing is less
than Five Hundred Thousand and No/100ths Dollars ($500,000.00), unless otherwise
agreed to in advance in writing with Purchaser,
and in no event shall the funds paid by Purchaser for Additional Lease Groups
exceed, in the aggregate, Three Million Dollars
($3,000,000.00).

     

    (d)           Agent's Closing and other
Obligations.  Subject to the terms and on the conditions of
this Agreement and Applicable Law, Agent will have authority for and on behalf
of Purchaser to negotiate and execute all necessary, required and proper
documentation to effect the purchase of a Lease prior to any Closing, including
any and all documentation necessary, required and appropriate to effect the
transfer to Purchaser of the Leases at a Closing.  Agent will cause
the seller of such Leases to deliver to the Purchaser, within thirty (30) days
of a Closing, an original, executed and acknowledged Assignment of Oil, Gas and
Mineral Leases for each county where any properties covered by any Lease is
located, in each instance in form and substance satisfactory to Agent and
Purchaser (the "Assignments").

     

    
      
         

      

      
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    (e)           The Purchaser's Closing
Obligations.  At each Closing, the Purchaser will deliver or
cause to be delivered to the Agent or its designee:

     

    (i)           the
Lease Group Purchase Price by wire transfer to an account specified by Agent in
writing to Purchaser at least one (1) business day prior to the Closing;
and

     

    (ii)           the
Assignments duly executed by Purchaser as assignee.

     

    (f)           The Agent's Additional
Closing
Obligations.  At each Closing, the Agent will pay, deliver or
cause to be delivered to the Purchaser or its designee the
following:

     

    (i)           as
consideration for Purchaser funding the payment of the Lease Group Purchase
Price, Agent shall pay to Purchaser at the Closing a sum equal to one-half of
one percent (0.50%) of the Lease Group Purchase Price (the "Fee") that is to be paid by
Purchaser at the Closing.  Agent shall pay the Fee to Purchaser at
Closing by wire transfer of immediately available funds to an account to be
specified by Purchaser to Agent at least one (1) business day prior to the
Closing; and

     

    (ii)           copies
of the executed Assignments for each Lease being so acquired by Purchaser duly
executed and acknowledged by all of the assignors of such Leases.

     

    (g)           Allocation of Purchase
Price.  The Purchase Price shall be allocated among the
Transferred Interests in accordance with and as provided by Section 1060 of the
Code and in accordance with the actual cost(s) paid for such Leases as evidenced
by the applicable purchase documentation.

     

    4.           Representations and
Warranties.

     

    (a)           Representations and
Warranties of the Agent.  Agent hereby represents and warrants
to the Purchaser as of the date of this Agreement and as of the date of each
Closing that:

     

    (i)           Organization and Good
Standing.  Agent is a corporation duly incorporated, validly
existing and in good standing under the Laws of the State of Nevada and Agent
has all requisite corporate or similar power and authority to own, lease and
operate its properties and is duly qualified and licensed and possesses all
respective licenses, franchises, permits and other governmental authorizations
to carry on its businesses as they are now being conducted.

     

    (ii)           Authorization
of Agreement.  Agent
has all requisite corporate power and authority to execute and deliver this
Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby.  The execution and delivery of this
Agreement by Agent and consummation by Agent of the transactions contemplated
hereby have been duly and validly authorized by all necessary corporate action
on the part of Agent and no other corporate proceedings on the part of Agent are
necessary to authorize this Agreement or to consummate the transactions
contemplated hereby.  This Agreement has been duly executed and
delivered by Agent and (assuming due authorization, execution and delivery
hereof by Purchaser) constitutes a legal, valid and binding obligation of Agent,
enforceable against Agent in accordance with its terms except as enforcement may
be limited by applicable bankruptcy, insolvency or other Applicable Laws
affecting creditor's rights generally or by legal principles of general
applicability governing the availability of equitable remedies.

     

    (iii)           Approvals.  The
execution and delivery of this Agreement does not, and consummation of the
transactions contemplated hereby will not, require Agent to give any notice to,
make any filing with, or obtain any authorization, consent, or approval of any
Governmental Authority or other third party (collectively, the "Approvals") in order to
consummate the transactions contemplated by this Agreement, other than as
follows:

     

    (w)           those
Approvals which are expressly required under the terms of the
Leases;

     

    (x)           dissemination
of a press release as required pursuant to the American Stock Exchange listed
company rules;

     

    
      
         

      

      
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    (y)           filing
of a Form 8-K report with the Securities and Exchange Commission (the "SEC") upon execution of this
Agreement including a copy of this Agreement and describing the material
provisions hereof; and

     

    (z)           filing
of one or more Form 8-K reports with the SEC from time to time following
execution of this Agreement when and if Agent exercises an Agent Option and the
exercise is determined by Agent’s counsel to constitute a material event
requiring disclosure on a Form 8-K.

     

    (iv)           No
Violation.  The execution and delivery by Agent of this
Agreement does not and consummation of the transactions contemplated by this
Agreement will not (a) conflict with, result in any violation or breach of, or
cause an event of default or a default (or an event that with notice, lapse of
time or otherwise would become an event of default or a default) under, (i) any
Applicable Law or (ii) the Certificate of Incorporation or Bylaws of or (b)
conflict with, result in any violation or breach of, or cause an event of
default or a default (or an event that with notice, lapse of time or otherwise
would become an event of default or a default) under, or give to others any
right of termination, cancellation, amendment or acceleration of, or require a
payment under, or result in the loss of any benefit under, or in the creation of
a Lien on any of the Leases or related Oil and Gas Interests covered thereby
pursuant to, any note, bond, mortgage, indenture, deed of trust, lease, license,
permit, franchise, contract or agreement to which the Agent is a party or by
which it or its properties or assets is bound.

     

    (v)           Leases.  Agent
will perform the same level of due diligence on the Leases that Agent would
perform if it were purchasing such Leases entirely for Agent's own account and
will only purchase Leases that Agent would purchase if it were providing 100% of
the funds for such purchase.  Agent, promptly upon request, will
provide to Purchaser before any Closing a true and correct copy of each Lease
and will provide Purchaser access to all title and other land associated data
related to the Leases and the Oil & Gas Interests underlying the
Leases.  The Purchase Price for all Leases with respect to the
Transferred Interests represents the actual costs paid or to be paid by Agent to
acquire the Leases, including broker costs, and includes no mark-up or rebate or
other similar payment to be made to Agent.  With respect to each
Lease, Agent will use reasonable efforts to ensure that (i) such Lease is valid,
binding and enforceable in accordance with its terms and is in full force and
effect; (ii) the seller of such Lease is not in breach or default thereof, nor,
to the Knowledge of Agent, has the seller received notice that it is in breach
of or default thereof; and (iii) no event has occurred which, with notice, or
lapse of time or both, would constitute a breach or default thereof by seller
or, to the Knowledge of Agent, by any other party thereto or would permit the
termination, modification, or acceleration thereof by any other party
thereto.  Except for this Agreement and certain agreement(s) as
hereafter listed on Exhibit 5 attached hereto, neither the
Agent nor, to the Knowledge of Agent, the seller of such Lease has granted any
Person any rights under the Leases, including, without limitation, any
overriding royalty, net profits or other interests in the Leases or the related
Oil and Gas Interests.  Agent has no Knowledge of any claims, actions,
suits, charges, investigations or proceedings (including any proceedings in
arbitration) pending or threatened against the seller of such Lease that would
challenge any of the Leases or affect any rights granted to the seller under the
Leases or the underlying Oil and Gas Interests.  Except as described
on Exhibit
5, there
are no joint operating agreements with respect to the Leases or any of the Oil
and Gas Interests represented by the Leases.  Agent, promptly upon
request, shall provide to Purchaser true and correct copies of each such joint
operating agreement.

     

    (vi)           Environmental
Matters.  Agent has no Knowledge of any existing, pending or
threatened action, suit, investigation, inquiry, proceeding, claim, litigation,
dispute or review (each, an "Action") by any third party,
including any Governmental Authority, under any Environmental Law related to the
Leases or the underlying Oil & Gas Interests.  The Agent has no
Knowledge of any past or present actions, activities, circumstances, conditions,
events or incidents, including, without limitation, the release, threatened
release, emission, discharge or disposal of any matter or material that could
form the basis of any Claim or Liabilities against Purchaser as purchaser of the
Leases under any Environmental Law, or against any Person whose liability for
any claim or Liabilities under any Environmental Law Purchaser may retain or
assume either contractually or by operation of law through the purchase of the
Leases.

     

    (vii)           Notice of Material
Change.  If, at any time during the term of this Agreement,
Agent discovers any fact or omission, or any event or change of circumstances
has occurred, which would make any of its representations and warranties herein
inaccurate or incomplete in any material respect, it will provide immediate
written notification to Purchaser of such fact, omission, event, or change of
circumstance, and the facts related thereto.

     

    
      
         

      

      
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    (viii)           Brokers.  Agent
shall be responsible for any brokerage, finder's or other fee or commission in
connection with the transactions contemplated by this Agreement (including the
agency relationship described above) based upon arrangements made by or on
behalf of Agent. Specifically, Agent shall be responsible for paying FIG
Partners, LLC a fee equal to three-quarters of one percent (0.75%) of the
principal investment made by Purchaser for arranging and brokering this
Agreement.

     

    (b)           Representations and
Warranties of the Purchaser.  The Purchaser represents and
warrants to the Agent as of the date of this Agreement and as of the date of
each Closing that:

     

    (i)           Organization and Good
Standing.  Purchaser is a limited liability company organized
and in good standing under the Laws of the State of Delaware, and has all
requisite authority to carry on its business as currently conducted and
Purchaser is duly qualified and licensed and possesses all respective licenses,
franchises, permits and other governmental authorizations to carry on its
businesses as they are now being conducted.

     

    (ii)           Authorization of
Agreement.  Purchaser has all requisite authority to execute
and deliver this Agreement, to perform its obligations hereunder and to
consummate the transactions contemplated hereby.  The execution and
delivery of this Agreement by Purchaser and consummation by Purchaser of the
transactions contemplated hereby have been duly and validly authorized by all
necessary action on the part of Purchaser and no other proceedings on the part
of Purchaser are necessary to authorize this Agreement or to consummate the
transactions contemplated hereby.  This Agreement has been duly
executed and delivered by Purchaser and (assuming due authorization, execution
and delivery hereof by Agent) constitutes a legal, valid and binding obligation
of Purchaser, enforceable against Purchaser in accordance with its terms except
as enforcement may be limited by applicable bankruptcy, insolvency or other Laws
affecting creditor's rights generally or by legal principles of general
applicability governing the availability of equitable remedies.

     

    (iii)           No
Violation.  The execution and delivery by Purchaser of this
Agreement does not and consummation of the transactions contemplated by this
Agreement will not (a) conflict with, result in any violation or breach of, or
cause an event of default or a default (or an event that with notice, lapse of
time or otherwise would become an event of default or a default) under, (i) any
Applicable Law or (ii) the certificate of formation or limited liability company
agreement of Purchaser or (b) conflict with, result in any violation or breach
of, or cause an event of default or a default (or an event that with notice,
lapse of time or otherwise would become an event of default or a default) under,
or give to others any right of termination, cancellation, amendment or
acceleration of, or require a payment under, or result in the loss of any
benefit under, or in the creation of a Lien pursuant to, any note, bond,
mortgage, indenture, deed of trust, lease, license, permit, franchise, contract
or agreement to which the Purchaser is a party or by which it or its properties
or assets is bound.

     

    (iv)           Notice of Material
Change.  If, at any time during the term of this Agreement,
Purchaser discovers any fact or omission, or any event or change of
circumstances has occurred, which would make any of its representations and
warranties herein inaccurate or incomplete in any material respect, it will
provide immediate written notification to Agent of such fact, omission, event,
or change of circumstance, and the facts related thereto.

     

    (v)           Brokers.  No
broker, finder or investment banker is entitled to any brokerage, finder's or
other fee or commission in connection with the transactions contemplated by this
Agreement based upon arrangements made by or on behalf of
Purchaser.

     

    (c)           Survival.  The
representation and warranties of the Agent in Section 4(a), other than those in
Sections 4(a) (v) and (vi), and the representations and warranties of the
Purchaser in Section 4(b) shall survive the Closing for a period of two (2)
years.  The representations and warranties of Agent in Sections 4(a)
(v) and (vi) shall survive for a period of sixty months.

     

    
      
         

      

      
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    5.           Post-Closing
Covenants.

     

    (a)           Agent's Right to
Purchase.

     

    (i)           Initial Agent
Option.  Subject to the obligation of Agent as the result of a
Change of Control, as that term is defined below, occurring to Agent requiring
it to immediately buy from Purchaser all of the Leases acquired by Purchaser
prior to that time, as provided for in Section 5(c), below, on or before the One
Hundred Fifty (150) days following the date of Closing of Purchaser's purchase of any Lease Group ("Initial Agent Option Period"),
Agent shall have the option, but not be obligated, to buy one hundred percent
(100%) of the
Transferred Interests related to all, but not less than all, of the Leases in a Lease Group (i.e., either the Initial Lease Group,
or any Additional Lease Group, as the case may be) from Purchaser (each,
an "Agent Option") at a
cost equal to one hundred ten percent (110%) of the amount paid by
Purchaser for such Lease Group at the time of Closing pursuant to which
Purchaser purchased such Lease Group as
evidenced on Exhibit 1 or Exhibit 2, as the case may be. If Agent elects to
exercise its Agent Option during the Initial Agent Option Period, Agent shall
deliver to Purchaser:

     

    (A)           one
hundred percent (100%) of the amount paid by
Purchaser for the Leases in the Lease
Group(s) at the time of Closing (the "Base Option Price") no later than
fifteen (15) days following written notice to Purchaser of its election, in
immediately available federal funds by wire transfer to an account Purchaser
designates to Agent; and

     

    (B)           ten
percent (10%) of the amount paid by Purchaser for the Leases in the Lease Group(s) at the time of Closing
on the first business day following expiration of the Initial Agent Option
Period, in fully-paid and non—assessable shares of Agent’s common stock to be
valued at a twenty percent (20%) discount to the lesser of the following (the
20% discount to be valued on the following basis being the "Initial Agent Option
Premium"):

     

     (I)           the
volume weighted average price (as reported by Bloomberg) (the "VWAP") for the thirty (30)
trading days immediately prior to the Initial Closing; or

     

    (II)           the
VWAP for the final (30) trading days during the Initial Option
Period.

     

    Promptly
upon receipt of the Base Option Price, Purchaser and Agent will execute and
deliver an Assignment of Oil, Gas and Mineral Leases for the Transferred
Interests covered by the applicable Leases in substantially the same form
attached hereto as Exhibit 6 (one for each of the counties covered by the
applicable Leases) ("Purchaser's Assignments"),
except that Purchaser will retain a one percent (1%) of 8/8ths overriding
royalty interest in any Leases in a Lease Group
so purchased by Agent during the Initial Agent Option Period,
proportionately reduced to the interest covered by such Leases.

     

    (ii)           Extended Agent
Option.  In the event Agent has not exercised the Agent Option
by the last day of the Initial Agent Option Period for a particular Lease Group
then, and in such event, Agent shall have the right, but not be obligated, to
extend the respective Initial Agent Option
Period for each Lease Group so purchased prior to the end of the Agency Period
until the three hundred sixtieth (360th) day
following the Closing Date for that particular Lease Group ("Extended Agent Option
Period"), by written notice to be provided by Agent to Purchaser on or
before the last day of the Initial Agent Option Period for each of the Lease
Groups for which Agent so elects in such notice to obtain the Extended Agent
Option Period.  In consideration of the granting by Purchaser of the
Extended Agent Option Period for such designated Lease Group(s), on the first
business day following expiration of the Initial Agent Option Period, Agent
shall pay to Purchaser the sum which is equal to ten percent (10%) of the Lease
Group Purchase Price that was paid by Purchaser for each of the Lease Groups
that are so timely designated by Agent to be accorded the Extended Agent Option
Period ("Extended Option Period
Fee").  The Extended Option Period Fee to be paid in such event
by Agent to Purchaser shall be in addition to, and cumulative of, the Fee which
was paid by Agent to Purchaser at Closing as provided in Section 3(f)(i),
above.  Agent shall pay the full amount of the Extended Option Period
Fee in fully-paid and non—assessable shares of Agent’s common stock to be valued
on the same basis as the Initial Agent Option Premium provided for in Section
5(a)(i)(B) above.

     

    
      
         

      

      
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    Subject
to the obligation of Agent as the result of a Change of Control, as that term is
defined below, occurring to Agent requiring it to immediately buy from Purchaser
all of the Leases acquired by Purchaser prior to that time, as provided for in
Section 5(c), below, in the event Agent timely and properly exercises its right
to the Extended Agent Option Period for a particular Lease Group then, and in
such event, Agent shall have the continuing option, but not the obligation,
during such Extended Agent Option Period to buy one hundred percent (100%) of
the Transferred Interests related to any Lease in all, but not less than all, of
the Leases in that particular Lease Group from Purchaser at a cost equal to one
hundred eleven percent (111%) of the Lease Group Purchase Price (the "Extended Option Period Price")
for all of the Transferred Interests in that Lease Group.  If Agent
elects to exercise an Extended Agent Option as to
a Lease Group during the Extended
Agent Option Period, Agent shall deliver to Purchaser:

     

    (A)           the
Base Option Price for that Lease Group no later than fifteen
(15) days following written notice to Purchaser of its election, in immediately
available federal funds by wire transfer to an account Purchaser designates to
Agent; and

     

    (B)           eleven
percent (11%) of the amount paid by Purchaser for the Leases in that Lease Group at the time of Closing on the
first business day following expiration of the Extended Agent Option Period, in
fully-paid and non—assessable shares of Agent’s common stock to be valued at a
twenty percent (20%) discount to the lesser of the following (the 20% discount
to be valued on the following basis being the "Extended Agent Option
Premium"):

     

     (I)           the
VWAP for the thirty (30) trading days immediately prior to the Initial Closing;
or

     

    (II)           the
VWAP for the final (30) trading days during the Extended Option
Period.

     

    The
Extended Agent Option Premium shall be in addition to, and cumulative of (i) the
Fee which was paid by Agent to Purchaser at Closing, as provided in Section
3(f)(i), above, and (ii) the Extended Option Period Fee which was paid by Agent
to Purchaser when it exercised its right to obtain the Extended Agent Option
Period pursuant to the provisions of this Section 5(a)(ii).  Promptly
upon receipt of the Base Option Price, Purchaser and Agent will execute and
deliver Purchaser's Assignments for each Lease.  Should Agent so
timely exercise its option during the Extended Agent Option Period and purchase
the Transferred Interests of Leases in a
Lease Group for the Extended Option Period
Price, then, and in that event, the overriding royalty to be retained by
Purchaser in the Purchaser's Assignments shall be increased to two percent
(2.00%) of 8/8ths
for all Leases, proportionately reduced to the interest covered by such
Leases.

     

    (iii)           One-Time Special Agent
Option.  Subject to the obligation of Agent as the result of a
Change of Control, as that term is defined below, occurring to Agent requiring
it to immediately buy from Purchaser all of the Leases acquired by Purchaser
prior to that time, as provided for in Section 5(c), below, at any time during
the Initial Agent Option Period or the Extended Agent Option Period, as applicable, Agent shall have a one-time
option (i.e., this option shall be exercisable
only once during the combined Agency Option Periods, i.e., the Initial Agent
Option Period and, to the extent applicable, the Extended Agent Option Period),
but shall not be obligated, to buy one hundred percent (100%) of the Transferred
Interests related to any one or more of the Leases from Purchaser (the "One-Time Agent Option") at a
cost equal to:

     

    (A)           one
hundred seventeen and one-half percent (117.5%) of the amount paid by
Purchaser for such Lease at the time of Closing pursuant to which Purchaser
purchased such Lease as evidenced on Exhibit 1 or Exhibit 2, as the case may be,
in the event the One-Time Agent Option is exercised during the Initial Agent
Option Period; or

     

    (B)           one
hundred eighteen and one-half percent (118.5%) of the amount paid by
Purchaser for such Lease at the time of Closing pursuant to which Purchaser
purchased such Lease as evidenced on Exhibit 1 or Exhibit 2, as the case may be,
in the event the One-Time Agent Option is exercised during the Extended Agent
Option Period, if Agent has timely exercised its
Extended Agent Option as to such Lease pursuant to this Section,
above.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    Agent may
select specific Leases Agent desires to buy from Purchaser pursuant to the
One-Time Agent Option, and shall not be obligated to purchase any Leases other
than those specifically selected by Agent; provided, however, that the Agent may
not purchase more than thirty-five percent (35%) (inclusive of any Permitted
Lease purchased by Agent pursuant to Section 5(a)(iv) below) of all the Leases
acquired by Purchaser prior to the time Agent chooses to exercise the One-Time
Agent Option; provided, however, that the forgoing limitation inclusive of any
Permitted Leases shall be increased to forty percent (40%) of all the Leases in
the event that the Purchaser exercises its One-Time Agent Option and purchases additional Permitted Leases subsequent
to the exercise of such option pursuant to Section 5(a)(iv) below.  In
the event Agent elects to exercise its One-Time Agent Option during the Initial
Agent Option Period, Agent shall deliver to Purchaser:

     

    (C)           the
Base Option Price no later than fifteen (15) days following written notice to
Purchaser of its election, in immediately available federal funds by wire
transfer to an account Purchaser designates to Agent; and

     

    (D)           seventeen
and one-half percent (17.5%) of the amount paid by Purchaser for the Leases
purchased in the One-Time Agent’s Option at the time of Closing on the first
business day following expiration of the Initial Agent Option Period, in
fully-paid and non—assessable shares of Agent’s common stock to be valued on the
same basis as the Initial Agent Option Premium provided for in Section
5(a)(i)(B) above.

     

    In the
event Agent elects to exercise its One-Time Agent Option during the Extended
Agent Option Period, Agent shall deliver to Purchaser:

     

    (E)           the
Base Option Price no later than fifteen (15) days following written notice to
Purchaser of its election, in immediately available federal funds by wire
transfer to an account Purchaser designates to Agent; and

     

    (F)           eighteen
and one-half percent (18.5%) of the amount paid by Purchaser for the Leases
purchased in the One-Time Agent’s Option at the time of Closing on the first
business day following expiration of the Extended Agent Option Period, in
fully-paid and non—assessable shares of Agent’s common stock on the same basis
as the Extended Agent Option Premium provided for in Section 5(a)(ii)(B)
above.

     

    Promptly
upon receipt of the Base Option Price, Purchaser and Agent will execute and
deliver Purchaser's Assignments for each Lease, except that Purchaser will
retain a one percent (1%) of 8/8ths overriding royalty interest in any Leases
purchased by Agent pursuant to the One-Time Agent Option during the Initial
Agent Option Period, proportionately reduced to the interest covered by such
Leases, and a two percent (2%) of 8/8ths overriding royalty interest in any
Leases purchased by Agent pursuant to the One-Time Agent Option during the
Initial Agent Option Period, proportionately reduced to the interest covered by
such Leases.

     

    (iv)           Purchase of Permitted
Leases.  At any time prior to the expiration of any applicable
option period specified in this Section 5(a), Agent shall be required to
purchase from Purchaser any and all Leases for which the North Dakota Industrial
Commission issues a permit to drill a well (a "Permitted Lease") within
fifteen (15) business days of receipt of notice by Agent of the issuance of such
permit.  Agent shall only be required to purchase the Permitted
Leases, and shall not be obligated to purchase any other leases pursuant to this
Section 5(a)(iv).  In the event Agent is required to purchase
Permitted Lease during the Initial Agent Option Period, Agent shall deliver to
Purchaser:

     

    (A)           an
amount equal to the Base Option Price no later than fifteen business (15) days
following receipt of notice by Agent of the issuance of such permit, in
immediately available federal funds by wire transfer to an account Purchaser
designates to Agent; and

     

    (B)           seventeen
and one-half percent (17.5%) of the amount paid by Purchaser for the Permitted
Leases at the time of Closing on the first business day following expiration of
the Initial Agent Option Period, in fully-paid and non—assessable shares of
Agent’s common stock to be valued on the same basis as the Initial Agent Option
Premium provided for in Section 5(a)(i)(B) above.

     

    In the
event Agent is required to purchase Permitted Lease during the Extended Agent
Option Period, Agent shall deliver to Purchaser:

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (C)           an
amount equal to the Base Option Price no later than fifteen (15) days following
written notice to Purchaser of its election, in immediately available federal
funds by wire transfer to an account Purchaser designates to Agent;
and

     

    (D)           eighteen
and one-half percent (18.5%) of the amount paid by Purchaser for the Permitted
Leases at the time of Closing on the first business day following expiration of
the Extended Agent Option Period, in fully-paid and non—assessable shares of
Agent’s common stock on the same basis as the Extended Agent Option Premium
provided for in Section 5(a)(ii)(B) above.

     

    Promptly
upon receipt of the amount equal to the Base Option Price, Purchaser and Agent
will execute and deliver Purchaser's Assignments for each Permitted Lease,
except that Purchaser will retain a one percent (1%) of 8/8ths overriding
royalty interest in any Permitted Leases purchased by Agent during the Initial
Agent Option Period, proportionately reduced to the interest covered by such
Permitted Leases, and a two percent (2%) of 8/8ths overriding royalty interest
in any Permitted Leases purchased by Agent during the Initial Agent Option
Period, proportionately reduced to the interest covered by such
Leases.

     

    (b)           Consents.  Agent
is responsible for seeking and obtaining all Approvals in connection with the
transfers of the Leases and any other transactions contemplated in this
Agreement on or before the expiration of the Initial Agent Option Period, or the
Extended Agent Option Period, as applicable, that are referenced in 5(a),
above.  Agent will make all filings for any Approvals as soon as
practicable following the Closing or identification of any Leases, but in any
event in compliance with Applicable Law and consistent with reasonable
commercial practices, and will promptly provide Purchaser with copies of all
such Approvals.

     

    (c)           Change in Control of the
Agent.

     

    (i)           Agent
shall purchase from the Purchaser for cash, in immediately available federal
funds, all right, title and interest in and to all of the Leases, which the
Purchaser has purchased immediately prior to the earliest to occur of the
following:

     

    (A)           The
consummation of a transaction resulting in a Change in Control of the Agent (as
defined in Section 5(c)(ii) below);

     

    (B)           The
expiration of the Initial Agent Option Period if the Agent has executed a
definitive agreement providing for a Change in Control of the Agent and does not
exercise its right to enter into the Extended Agent Option Period for each Lease
Group; or

     

    (C)           The
expiration of the Extended Agent Option Period if the Agent has executed a
definitive agreement providing for a Change in Control of the
Agent;

     

    provided, however,
that any document to which the Agent is a party that provides for a Change in
Control shall state, as a condition precedent to such Chang in Control, Agent’s
obligation to purchase from the Purchaser all of the Leases pursuant to this
Section 5(c)(i).  If the Change of Control occurs to the Agent during
the Initial Agent Option Period, then, and in such event, Agent shall purchase
all such Leases from Purchaser at the Option Price with Purchaser to retain one
percent (1%) of 8/8ths overriding royalty interests in all of the Leases so
assigned to Agent and to otherwise acquire all of such Leases in such event in
the same manner that it is entitled to purchase Leases from Purchaser during
that Initial Agent Option Period, except that the premium applied in such
instance shall be the lessor of:

     

     (D)           the
VWAP for the thirty (30) trading days immediately prior to the Initial Closing;
or

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (E)           the
VWAP for the (30) trading days immediately prior to consummation of the Change
in Control.

     

    On the
other hand, if the Change of Control shall occur to the Agent during the
Extended Agent Option Period, then, and in such event, Agent shall purchase from
Purchaser all Leases all such Leases from Purchaser at the Extended Option
Period Price with Purchaser to retain two percent (2.00%) of 8/8ths for all
Leases so assigned to Agent and to otherwise acquire all of such Leases in such
event in the same manner that it is entitled to purchase Leases from Purchaser
during the Extended Agent Option Period, except that the premium applied in such
instance shall be computed pursuant to the provisions of Section 5(a)(i)(B),
above.

     

    (ii)           For
purposes of this Agreement, the term "Change in Control"
means:

     

    (v)           The
acquisition by any "person" (as that term is used in Sections 13(d) and 14(d) of
the Securities Exchange Act of 1934 (the "Exchange Act")) of "beneficial
ownership" (within the meaning of Rule 13d-3 of the Exchange Act), directly or
indirectly, of securities of the Agent representing forty percent (40%) or more
of either the then outstanding common stock of the Agent or the combined voting
power of the Agent's then outstanding voting securities entitled to vote
generally in the election of Directors; or

     

    (w)           The
individuals who as of the date hereof constitute the Board of Directors of the
Agent cease for any reason to constitute a majority of the Agent's Directors
then serving; or

     

    (x)           Consummation
of any merger, consolidation or liquidation of the Agent in which the Agent is
not the continuing or surviving company or pursuant to which Agent’s capital
stock would be converted into cash, securities of another company or other
property, other than a merger of the Agent in which the holders of the shares of
Agent’s capital stock immediately before the merger have the same proportionate
ownership of common stock of the surviving company immediately after the merger;
or

     

    (y)           The
shareholders of the Agent approve any plan or proposal for the liquidation or
dissolution of the Agent; or

     

    (z)           Substantially
all of the assets of the Agent are sold or otherwise transferred to parties that
are not within a "controlled group of corporations" (as defined in Section 1563
of the Internal Revenue Code) in which the Agent is a member at the time of such
sale or transfer.

     

    (d)           Specific
Performance.  Each of the Parties hereto agrees that
irreparable Damages would occur in the event any of the provisions of this
Article 5 are not performed in accordance with the terms hereof and that each
Party shall be entitled to specific performance of the terms hereof in addition
to any other remedies under Applicable Law or in equity.

     

    (e)           Notice of Certain
Events.  Purchaser agrees to forward to Agent any and all
notifications, announcements or documentation that in any way whatsover affects
the Leases or the Oil and Gas Interests covered by such Leases (including, but
not limited to, any authorization for expenditure (AFE) or similar notification)
promptly following Purchaser’s receipt or first Knowledge of such notifications,
announcements or documentation.

     

    (f)           Registration of Common
Stock.  Agent shall ensure that any and all shares of common
stock issued to Purchaser pursuant to the provisions of this Section 5 (the
"Shares") are registered
for resale with the SEC pursuant to an effective registration statement not
later than ninety (90) days following the date of issuance (the "Registration
Period").  In the event that any of the Shares are not
registered for resale with the SEC pursuant to an effective registration
statement within the Registration Period, then Agent shall pay to Purchaser a
penalty equal to one and one-half percent (1.5%) of the value of the premium for
which such Shares were issued at the beginning of each successive thirty (30) day period following the end of the Registration Period, to be paid in immediately available federal
funds by wire transfer to an account Purchaser designates to Agent at such time.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (g)           Survival.  The
covenants, including, without limitation, those set forth in this Section 5, and
all other obligations of either Party under this Agreement, shall survive
closing for a period of eight (8) years unless a shorter survival period is
expressly stated elsewhere herein.

     

    6.           Indemnification.

     

    (a)           Indemnification by the
Agent.  The Agent will indemnify and hold harmless the
Purchaser, and will pay to the Purchaser the amount of any Damages arising,
directly or indirectly, from or in connection with (i) any breach of any
representation or warranty made by the Agent in this Agreement, (ii) any breach
by the Agent of any covenant or other obligation of Agent in this Agreement,
(iii) any Liabilities of Agent, including, without limitation any Lease Payments
or other Liabilities of Agent, whether arising in contract or tort, to any
lessor under the Leases for all periods prior to the expiration of the applicable Agent Option(s) for such Leases, i.e., the Initial Agent Option, or
the Extended Agent Option, as the case may
be, or (iv) any claim, suit, proceeding (including, without limitation,
any arbitration and any audit by any taxing authority), cause of action or
allegation (collectively, a "Claim") based on, relating to
or arising from the grossly negligent,
fraudulent or willful misconduct of Agent.

     

    (b)           Indemnification by the
Purchaser.  The Purchaser will indemnify and hold harmless the
Agent, and will pay to the Agent the amount of any Damages arising, directly or
indirectly, from or in connection with (i) any breach of any representation or
warranty made by Purchaser in this Agreement, (ii) any breach
by Purchaser of any covenant or other obligation of Purchaser in this Agreement,
(iii) any Liabilities of Purchaser, including, without limitation any Lease
Payments or other Liabilities of Purchaser, whether arising in contract or tort,
to any lessor under the Leases for all periods
subsequent to the expiration of the applicable Agent Option(s) for such Leases,
i.e., the Initial Agent Option, or the Extended Agent Option, as the case may
be, or (iv) any claim, suit, proceeding (including, without limitation,
any arbitration and any audit by any taxing authority), cause of action or
allegation (collectively, a "Claim") based on, relating to
or arising from the grossly negligent,
fraudulent or willful misconduct of Purchaser.

     

    (c)           Limitations.  No
claims for breaches of representations and warranties may be brought after the
time limitation set forth in Section 4(c); provided, however, that nothing
herein shall impair, in any way, a Party's pursuit of such a claim that is
brought prior to the expiration of the time limitation set forth in Section 4(c)
above but is not finally resolved until after the expiration of such time
limitation.

     

    (d)           Procedure.  A
claim for indemnification for any matter brought or threatened to be brought by
a third party may be asserted by written notice to the Party from whom
indemnification is sought within the time periods set forth in Section
4(c).

     

    (e)           Attorneys Fees and
Costs.  The substantially prevailing Party in any dispute under
this Agreement, including, without limitation, any disputes under this Section
or Section 5, shall be entitled to recover from the other Party reasonable
expenses, attorneys' fees and costs.

     

    7.           Miscellaneous.

     

    (a)           Further
Assurances.  In case at any time after the Closing any further
action is necessary or desirable to carry out the purposes of this Agreement,
each of the Parties will take such further action (including the execution and
delivery of such further instruments and documents) as any other Party
reasonably may request, all at the sole cost and expense of the requesting
Party.

     

    (b)           Fees and
Expenses.  Each of the Parties will bear its own fees, costs
and expenses (including, without limitation, any attorneys' or accountants' fees
and expenses) incurred in connection with this Agreement and the transactions
contemplated hereby.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (c)           Entire
Agreement.  This Agreement (including the documents referred to
herein) constitutes the entire agreement among the Parties and supersedes any
prior understandings, agreements, or representations by or among the Parties,
written or oral, to the extent they related in any way to the subject matter
hereof.

     

    (d)           Succession and
Assignment.  This Agreement shall be binding upon and inure to
the benefit of the Parties named herein and their respective successors and
permitted assigns.  No Party may assign either this Agreement or any
of rights, interests, or obligations hereunder without the prior written
approval of the other Party.

     

    (e)           No Third-Party
Beneficiaries.  This Agreement shall not confer any rights or
remedies upon any Person or entity other than the Parties and their respective
successors and permitted assigns.

     

    (f)           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed an original but all of which together will constitute one and the same
instrument.  This Agreement shall be effective upon the exchange, by
facsimile or otherwise, of executed signature pages.

     

    (g)           Mandatory Press
Releases.  Anything in the separate confidentiality agreement
which has previously been executed and entered into by the Agent and Purchaser
to the contrary notwithstanding, Agent and Purchaser covenant and agree that
they shall issue a widely disseminated joint press release with regard to the
transactions contemplated hereby within two (2) business days following the
Closing in form and substance mutually satisfactory to Agent and Purchaser,
except that the Parties expressly covenant and agree that such press release
issued pursuant to this Section 7(g) shall contain, at a minimum, the following
information with regard to the Lease Groups
so acquired by Purchaser:  (i) the total number of acres covered by
the Lease Group; (ii) the Counties and
States where the Leases are located and (iii) the aggregate purchase price paid
by the Purchaser for the Lease
Group.

     

    (h)           Notices.  All
notices, requests, demands, claims, and other communications hereunder will be
in writing.  Any notice, request, demand, claim, or other
communication hereunder shall be deemed duly given if (and then two business
days after) it is sent by registered or certified mail, return receipt
requested, postage prepaid, and addressed to the intended recipient as set forth
below:

     

    If to the
Purchaser:                                                                        If to the
Agent:

     

    Deephaven
MCF Acquisition
LLC                                             Northern
Oil and Gas, Inc.

     

    C/o
Deephaven Capital Management
LLC                                315
Manitoba Ave., Suite 200

     

    130
Cheshire Lane, Suite
102                                                       Wayzata,
Minnesota  55391

     

    Minnetonka,
Minnesota  55305                                                   Telephone:  952-476-9800

     

    Telephone:  952-249-5419                                                              Fax:  952-476-9801

     

    Fax:  952-249-5316                                                                          Attn.:  Michael
L. Reger

    Attn.:  Dax
Atkinson

     

    Any Party
may send any notice, request, demand, claim, or other communication hereunder to
the intended recipient at the address set forth above using any other means
(including personal delivery, expedited courier, messenger service, facsimile,
ordinary mail, or electronic mail), but no such notice, request, demand, claim,
or other communication shall be deemed to have been duly given unless and until
it actually is received by the intended recipient.  Any Party may
change the address to which notices, requests, demands, claims, and other
communications hereunder are to be delivered by giving the other Party notice in
the manner herein set forth.

     

    (i)           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws and decisions of the State of Minnesota without giving
effect to any choice or conflict of law provision or rule (whether of the State
of Minnesota or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of Minnesota.

     

    (j)           Amendments;
Severability.  No amendment of any provision of this Agreement
shall be valid unless the same shall be in writing and signed by Purchaser and
Agent.  Any term or provision of this Agreement that is invalid or
unenforceable in any situation in any jurisdiction shall not affect the validity
or enforceability of the remaining terms and provisions hereof or the validity
or enforceability of the offending term or provision in any other situation or
in any other jurisdiction.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (k)           Construction.  The
Parties have participated jointly in the negotiation and drafting of this
Agreement.  In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly
by the Parties and no presumption or burden of proof shall arise favoring or
disfavoring any Party by virtue of the authorship of any of the provisions of
this Agreement.  Any reference to Applicable Law shall be deemed also
to refer to all rules and regulations promulgated thereunder, unless the context
requires otherwise.  The word "including" shall mean including without
limitation.  The section headings contained in this Agreement are
inserted for convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

     

    IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement on the date
first above written.

     

    

    DEEPHAVEN
MCF ACQUISITION
LLC,                                                   NORTHERN
OIL AND GAS, INC.,

    a
Delaware limited liability
company                                                            a
Nevada corporation

    

    By:   Deephaven
Capital Management LLC,

             a
Delaware limited liability company

    

    
      	
              Its:  Managing
      Member

            	 

    

    

    By:  /s/ Dax
Atkinson                                                                By:  /s/ Michael L.
Reger

    

    Name:  Dax
Atkinson                                                                Name:  Michael L.
Reger

    

    Title:  Assistant
Secretary                                                                       Title:  Chief Executive
Officer

    

    

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    EXHIBIT
1

    TO
THAT CERTAIN AGREEMENT

    ENTERED
INTO AS OF THE 14TH DAY OF APRIL, 2008,

    BY
AND BETWEEN DEEPHAVEN MCF ACQUISITION LLC

    AND

    NORTHERN
OIL AND GAS, INC.

    

    

     

    LIST OF LEASES IN INITIAL
LEASE GROUP ACQUIRED

    PURSUANT TO THIS
AGREEMENT

    
      	
              Lessor

            	
              Date

            	
              Term

            	
              Paid
      Up (Y/N)

            	
              Net
      Revenue Delivered

            	
              Gross
      Acres

            	
              Net
      Acres

            	
              Cost
      $/Ac

            	
              Field
      landman & legal expense

            	
              Total
      Cost

            	
              Funding
      Date

            

    

     

    

     

    

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    EXHIBIT
2

    TO
THAT CERTAIN AGREEMENT

    ENTERED
INTO AS OF THE 14TH DAY OF APRIL , 2008,

    BY
AND BETWEEN DEEPHAVEN MCF ACQUISITION LLC

    AND

    NORTHERN
OIL AND GAS, INC.

    

    

     

    LIST OF ADDITIONAL LEASES
ACQUIRED

    PURSUANT TO THIS
AGREEMENT

     

    

    
      	
              Lessor

            	
              Date

            	
              Term

            	
              Paid
      Up (Y/N)

            	
              Net
      Revenue Delivered

            	
              Gross
      Acres

            	
              Net
      Acres

            	
              Cost
      $/Ac

            	
              Field
      landman & legal expense

            	
              Total
      Cost

            	
              Funding
      Date

            

    

     

    

     

    

     

    

     

    

     

    

               This
Exhibit 2 is acknowledged and agreed to by the parties identified below
effective as of ________________, 2008.

    

    DEEPHAVEN
MCF ACQUISITION
LLC,                                                                   NORTHERN
OIL AND GAS, INC.,

    a
Delaware limited liability
company                                                                           a
Nevada corporation

    

    By:         Deephaven
Capital Management LLC,

             a
Delaware limited liability company

    

    
      	
              Its:  Managing
      Member

            	 

    

    

    By:                                                                By:                                                                

    

    Name:                                                                Name:

    

    Title:                                                                Title:                                                                

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    EXHIBIT
3

    

     

    DEFINITIONS

     

    "Applicable Law" means
all federal, state, local and foreign statutes, laws, ordinances, regulations,
rulings, orders, decrees, or administrative requirements, including all
decisions of courts having the effect of law in each such jurisdiction,
applicable to the Agent or the Purchaser or the Leases to be acquired pursuant
to this Agreement, adopted or issued, or promulgated by any Governmental
Authority having jurisdiction over the Agent, the Purchaser or the
Leases.

     

    "Code" means the
Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder.

     

    "Court" shall mean any
court, tribunal, or judicial or arbitral body of the United States, any foreign
country or any domestic or foreign state, and any political subdivision
thereof.

     

    "Damages" means any
and all losses, damages, Liabilities, obligations, costs and expenses, including
without limitation, reasonable fees and disbursements of counsel, and expert
witnesses, sustained or incurred by the applicable Person.

     

    "Environmental Law or
Laws" shall mean any and all Federal, state and local Laws, rules and
regulations relating to pollution or the protection of the environment, or
occupational or human health and safety, including, without limitation, Laws,
rules and regulations relating to handling, processing, storage, recycling,
emission, discharge, disposal, treatment, transportation, release or threatened
release of any substances or constituents which are regulated by, or form the
basis of liability under, such Laws, in each case as these laws have been
amended or supplemented.

     

    "Good and Marketable
Title" shall mean such title that: (i) is deducible of record (from the
records of the records of the applicable state land office) or is assignable to
a seller out of an interest of record (as so defined) because of the performance
by such seller of all operations required to earn an enforceable right to such
assignment; (ii) entitles the seller to receive a percentage of Hydrocarbons
produced, saved and marketed from such well or property not less than the
interest set forth in Exhibit 1; and (iii)
obligates seller to pay costs and expenses relating to each such proved property
in an amount not greater than the interest set forth under the caption "Working
Interest" in Exhibit
1.

     

    "Governmental
Authority" means any Federal, state or local governmental, regulatory or
administrative authority, agency, bureau or commission or any
Court.

     

    "Hydrocarbons" shall
mean oil, condensate, gas, casinghead gas and other liquid or gaseous
hydrocarbons.

     

    "Knowledge" shall
mean, with respect the Agent, the knowledge, after due inquiry, of any officer
of Agent or person with primary responsibility for the particular subject
matter.

     

    "Lease Group" shall
mean those Leases purchased by Purchaser at a particular Closing, as identified
on Exhibit 1 in the case of the Initial Lease Group and as identified on Exhibit
2 in the case of the Additional Leases.

     

    "Liabilities" means
any and all debts, liabilities, obligations and claims, whether arising in
contract or tort, whether accrued or fixed, absolute or contingent, known or
unknown, matured or unmatured or determined or determinable, including without
limitation, those arising under any Law, action or governmental order and those
arising under any contract, agreement, arrangement, commitment, license, permit
or undertaking.

     

    "Lien" shall mean any
mortgage, pledge, security interest, adverse claim, encumbrance, lien or charge
of any kind (including any agreement to give any of the foregoing), any
conditional sale or other title retention agreement, any lease in the nature
thereof or the filing of or agreement to give any financing statement under the
Laws of any jurisdiction.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    "Oil and Gas
Interests" means (i) direct and indirect interests in and rights with
respect to oil, gas, mineral, and related properties and assets of any kind and
nature, direct or indirect, including working, leasehold and mineral interests
and operating rights and royalties, overriding royalties, production payments,
net profit interests and other nonworking interests and nonoperating interests;
(ii) all interests in rights with respect to Hydrocarbons and other minerals or
revenues therefrom, all contracts in connection therewith and claims and rights
thereto (including all oil and gas leases, operating agreements, unitization and
pooling agreements and orders, division orders, transfer orders, mineral deeds,
royalty deeds, oil and gas sales, exchange and processing contracts and
agreements, and in each case, interests thereunder), surface interests, fee
interests, reversionary interests, reservations, and concessions; (iii) all
easements, rights of way, licenses, permits, leases, and other interests
associated with, appurtenant to, or necessary for the operation of any of the
foregoing; and (iv) all interests in equipment and machinery (including wells,
well equipment and machinery), oil and gas production, gathering, transmission,
treating, processing, and storage facilities (including tanks, tank batteries,
pipelines, and gathering systems), pumps, water plants, electric plants,
gasoline and gas processing plants, refineries, and other tangible personal
property and fixtures associated with, appurtenant to, or necessary for the
operation of any of the foregoing.

     

    "Person" means any
individual, partnership, firm, corporation, association, trust, unincorporated
organization or other entity, as well as any syndicate or group that would be
deemed to be a person under Section 13(d)(3) of the Securities Exchange Act of
1934, as amended.

     

    "Regulation" shall
mean any rule or regulation of any Governmental Authority having the effect of
Law or of any rule or regulation of any self-regulatory
organization.

     

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
4

     

    ASSIGNMENT OF OIL. GAS AND
MINERAL LEASES

     

    STATE OF NORTH
DAKOTA                                                                §

     

    §           KNOW ALL MEN BY THESE
PRESENTS:

     

    COUNTY OF MOUNTRAIL                                                                §

     

    WHEREAS, DEEPHAVEN MCF
ACQUISITION LLC, a Delaware limited liability company, , whose address is 130
Cheshire Lane, Suite 102, Minnetonka, Minnesota, 55305, hereinafter called
"Assignor" is the owner
and holder of a partial working interest in the Oil, Gas and Mineral Leases as
described on Exhibit
"A", which is attached hereto and made a part hereof for all purposes
("Leases");
and

     

    WHEREAS,
Assignor, subject to the terms and conditions of this Assignment, desires to
assign all of its interest in the Leases to NORTHERN OIL AND GAS, INC., a Nevada
corporation, hereinafter referred to as "Assignee".

     

    NOW,
THEREFORE, Assignor, for and in consideration of the sum of Ten and No/100ths
Dollars ($10.00) in hand paid by Assignee, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, has
subject to the agreements and reservations noted below, BARGAINED, SOLD,
TRANSFERRED, CONVEYED and ASSIGNED, and by these presents does hereby BARGAIN,
SELL, TRANSFER, CONVEY and ASSIGN unto Assignee, all of its working interests in
the Leases together with all leasehold and other rights, titles and interest
that Assignor has by virtue of said Leases.

     

    This
Assignment is made and accepted subject to the following terms, conditions and
reservations:

     

    
      	
               
      

            	
              1.

            	
              The
      terms and conditions of the Leases;

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      terms and conditions of that certain unrecorded Agreement dated February
      _____, 2008 between Assignor and
Assignee.

            

    

     

    Assignor
hereby reserves unto itself, its successors and assigns, an overriding royalty
interest of _____ percent (___%) of 8/8ths
[NOTE:  to be 1% if Agent purchases during the Initial Agent Option Period and 2% if during the Extended Agent Option Period] in all the oil, gas and other minerals
produced, saved and sold from each of the oil, gas and mineral leases described
in Exhibit
"A".  The overriding royalty interest reserved by Assignor
shall be applicable and attach to all extensions, renewals, top leases or new
leases of any of the Leases acquired by Assignee within a period of six months
after the expiration or termination of such lease, provided however, that the
overriding royalty interest in any such extension, renewal, top lease or new
lease described on Exhibit "A" shall be
limited to the lands covered by the Leases.

     

    Under no
circumstances shall such overriding royalty interest ever be calculated,
determined or paid on a basis in excess of the proceeds on production
attributable thereto.  Said overriding royalty interest shall be free
and clear of all costs and expenses of drilling or producing, but shall bear
proportionately all severance or other similar taxes attributable to the
overriding royalty interest and the production therefrom and shall
proportionately bear its share of any post production costs of the compression,
dehydration, treatment, processing, transportation and marketing necessary to
render the oil or gas marketable or deliverable.

     

    The
overriding royalty interest may, without the joinder or consent of Assignor, be
pooled by the owners of the operating interest in the oil and gas leases, and in
event of such pooling, the overriding royalty interest shall be paid only on the
proportionate share of production as may be allocated to the oil and gas leases
covered by such unit or units.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    No
obligations, either express of implied shall arise by reason of this assignment,
which shall obligate Assignee to keep and maintain any of the oil and gas leases
in force and effect either by payment of delay rentals, compensatory royalties
or other payments, by the drilling of any well upon the lands covered by said
oil and gas leases, or by any other means; it being expressly understood that
Assignor is to receive said overriding royalty interest in the oil gas and
associated hydrocarbons, if, as and when produced and sold and that oil and gas
leases may be released without the consent of the Assignor.

     

    This
Assignment, the exceptions and reservations made herein and the provisions of
the covenants contained herein shall attach to and run with the Leases and the
land covered thereby and shall be binding upon and enure to the benefit of the
parties hereto, their respective heirs, successors, legal representatives,
executors and assigns.

     

    This
Assignment and the Agreements referenced herein contain the entire agreement and
understanding between the parties hereto with respect to the
Leases.  In the event any term or provision of this Assignment is
determined to be invalid or unenforceable, such invalidity or unenforceability
shall not affect the remaining terms of this Assignment.  Further,
this Assignment may not be amended, varied or terminated except by written
instrument executed by both Assignor and Assignee.

     

    TO HAVE
AND TO HOLD, the
above described Leases unto the said Assignee, its successors and assigns
forever, subject to and in accordance with the terms and the provisions of this
Assignment.

     

    Assignor,
for the consideration stated herein, does hereby agree to WARRANT and DEFEND the
Leases assigned to the Assignee and its successors and assigns against the
lawful claims and demands of all persons whomsoever claiming or to claim any
part thereof, by, through and under Assignor, but not otherwise.

     

    This
Assignment is executed this _____  day of _______________, 200__,
which shall be the effective date of this Assignment for all
purposes.

     

    ASSIGNOR:

     

    DEEPHAVEN
MCF ACQUISITION LLC,

    a
Delaware limited liability company

     

    
      	
               
      

            	
              By:

            	
              Deephaven
      Capital Management LLC,

            

    

     

    
      	
               
      

            	
              a
      Delaware limited liability company

            

    

     

    Its:           Managing
Member

     

    By:                                                                           

     

    Name:

     

    Its:                                                                           

     

    and

     

    ASSIGNEE:

     

    NORTHERN
OIL AND GAS, INC.,

    a Nevada
corporation

     

    By:                                                                           

     

    Name:

     

    Its:                                                                           

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    STATE
OF                                                §

                                                          §

    COUNTY
OF                                                §

     

    This
instrument was acknowledged before me on the _____ day of _______________,
200__, by _____________________, as Manager of DEEPHAVEN CAPITAL MANAGEMENT LLC,
a Delaware limited liability company, acting in its capacity as Managing Member
of DEEPHAVEN MCF ACQUISITION LLC, a Delaware limited liability company, on
behalf of each said limited liability company.

     

    IN
WITNESS WHEREOF, I have hereunto set my hand and official seal.

     

                                                                       

    Notary
Public

    My
Commission Expires:

    

                                        

     

    

    STATE
OF                                                §

                                                          §

    COUNTY
OF                                                §

     

    This
instrument was acknowledged before me on this _____ day of _______________,
200__, by ________________________, as ______________ of NORTHERN OIL AND GAS,
INC., a Nevada corporation, on behalf of that corporation.

     

    IN
WITNESS WHEREOF, I have hereunto set my
hand and official seal.

                                                                       

    Notary
Public

    My
Commission Expires:

    

                                        

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
5

     

    LIST OF AGREEMENTS TO
WHICH

    LEASES ARE
SUBJECTexhibit10_2.htm

    Exhibit
10.2

     

    

    

    

    

    

    Registration
Rights Agreement

     

    By
and Among

     

    Northern
Oil & Gas, Inc.

     

    and

     

    Deephaven
MCF Acquisition LLC

     

    

    April
14, 2008

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    

      TABLE OF
CONTENTS

      Page

       

      ARTICLE
1  Definitions [INSERT
PAGE NUMBER]

       

       

      ARTICLE
2  Registration Rights [INSERT
PAGE NUMBER]

       

      2.1              Required
Registration [INSERT
PAGE NUMBER]

      2.2              Current
Public Information [INSERT
PAGE NUMBER]

      2.3              Registration
Procedures. 3

      2.4              Fees
and Expenses 5

      2.5              Indemnification [INSERT
PAGE NUMBER]

      2.6              Participation
in Registrations [INSERT
PAGE NUMBER]

       

      ARTICLE
3  Transfers of Certain Rights [INSERT
PAGE NUMBER]

       

      3.1              Transfer [INSERT
PAGE NUMBER]

      3.2              Transferees [INSERT
PAGE NUMBER]

      3.3              Subsequent
Transferees [INSERT
PAGE NUMBER]

       

      ARTICLE
4  Miscellaneous [INSERT
PAGE NUMBER]

       

      4.1              Recapitalizations,
Exchanges, etc [INSERT
PAGE NUMBER]

      4.2              No
Inconsistent Agreements [INSERT
PAGE NUMBER]

      4.3              Amendments
and Waivers [INSERT
PAGE NUMBER]

      4.4              Severability [INSERT
PAGE NUMBER]

      4.5              Counterparts [INSERT
PAGE NUMBER]

      4.6              Notices [INSERT
PAGE NUMBER]

      4.7              Governing
Law [INSERT
PAGE NUMBER]

      4.8              Forum;
Service of Process [INSERT
PAGE NUMBER]

      4.9              Captions [INSERT
PAGE NUMBER]

      4.10              No
Prejudice [INSERT
PAGE NUMBER]

      4.11              Words
in Singular and Plural Form [INSERT
PAGE NUMBER]

      4.12              Remedy
for Breach [INSERT
PAGE NUMBER]

      4.13              Successors
and Assigns, Third Party Beneficiaries [INSERT
PAGE NUMBER]

      4.14              Entire
Agreement [INSERT
PAGE NUMBER]

      4.15              Attorneys’
Fees [INSERT
PAGE NUMBER]

      4.16              Termination
of Rights [INSERT
PAGE NUMBER]

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    REGISTRATION
RIGHTS AGREEMENT

    

    This
REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of
April 14, 2008, is entered into by and among NORTHERN OIL & GAS, INC., a
Nevada corporation (the "Company"), and DEEPHAVEN MCF
ACQUISITION LLC, a Delaware limited liability company (the "Purchaser").

     

    Recitals:

     

    A.           The
Company desires to issue certain shares of its Common Stock to the Purchaser
(the "Shares") pursuant
to the terms of that certain agreement, dated as of April 14, 2008, by and
between the parties, attached hereto as Exhibit A (the "Purchase
Agreement");

     

    B.           It
is a condition precedent to the consummation of the transactions contemplated by
the Purchase Agreement that the Company provide for the rights set forth in this
Agreement; and

     

    C.           Certain
terms used but not defined in this Agreement shall have the meanings ascribed to
such terms in the Purchase Agreement.

     

    Agreement

     

    NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants
and agreements hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
intending to be legally bound, the parties hereto hereby agree as
follows:

     

    

    ARTICLE
1

    Definitions

     

    "Affiliate" means any Person
that directly or indirectly controls, or is under common control with, or is
controlled by such Person.  As used in this definition, "control"
(including with its correlative meanings, "controlled by" and "under common
control with") shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person
(whether through ownership of securities or partnership or other ownership
interests, by contract or otherwise).

     

    "Common Stock" means the
common stock, par value $0.001 per share, of the Company.

     

    "Company" has the meaning set
forth in the preamble.

     

    "Exchange Act" means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC promulgated thereunder.

     

    "Indemnified Party" has the
meaning set forth in Section
2.5.

     

    "Losses" has the meaning set
forth in Section
2.5.

     

    "Person" means any individual,
company, corporation, limited liability company, partnership, firm, joint
venture, association, joint-stock company, trust, unincorporated organization,
governmental body or other entity.

     

    "Purchase Agreement" has the
meaning set forth in the recitals.

     

    "Purchaser" has the meaning
set forth in the preamble.

     

    "Registration Period" means
the two years, plus any additional periods required by the second paragraph of
Section 2.1,
during which the Registration Statement contemplated by Section 2.1 is
required to remain effective.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Registrable Securities"
means, subject to the immediately following sentences, (i) shares of Common
Stock acquired by the Purchaser from the Company pursuant to the Purchase
Agreement, and (ii) any shares of Common Stock issued or issuable, directly or
indirectly, with respect to the securities referred to in clause (i) by way of
stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization.  In
addition, any particular shares of Common Stock constituting Registrable
Securities will cease to be Registrable Securities when they (x) have been
effectively registered under the Securities Act and disposed of in accordance
with a Registration Statement covering them, (y) have been sold to the public
pursuant to Rule 144 (or by similar provision under the Securities Act), or (z)
are eligible for resale under Rule 144 (or by similar provision under the
Securities Act) without any limitation on the amount of securities that may be
sold under paragraph (e) thereof.

     

    "Registration Statement" means
a registration statement on Form S-3 (or, if the Company is not eligible to use
Form S-3, such other appropriate registration form of the SEC pursuant to which
the Company is eligible to register the resale of Registrable Securities) filed
by the Company under the Securities Act that covers any of the Registrable
Securities pursuant to the provisions of this Agreement, including the
prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits and all material incorporated by
reference in such registration statement, that shall permit the Purchaser to
offer and sell, on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act, the Registrable Securities.

     

    "Representatives" has the
meaning set forth in Section
2.5.

     

    "Required Filing Date" has the
meaning set forth in Section
2.1.

     

    "Required Registration
Statement" has the meaning set
forth in Section
2.1.

     

    "SEC" means the United States
Securities and Exchange Commission or any other federal agency at the time
administering the Securities Act.

     

    "Securities Act" means the
Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder.

     

    "Shares" has the meaning set
forth in the recitals.

     

    ARTICLE
2

    Registration
Rights

     

    2.1           Required
Registration.  The Company shall use its best efforts to
prepare and as promptly as possible after the date of issuance of any Shares
pursuant to the terms of the Purchase Agreement, but in any event not later than
ninety (90) days from the issuance of such Shares (the "Required Filing Date"), cause
a Registration Statement to be declared effective under the Securities Act (the
"Required Registration
Statement").  The Company agrees to include in the Required
Registration Statement all information that the Purchaser shall reasonably
request.  If the Company fails to file the Required Registration
Statement or if the Registration Statement is not effective within the periods
set forth above, the Company shall pay the Purchaser an amount per month equal
to one and one-half percent (1.5%) of the premium for which such Shares were
issued at the beginning of each thirty (30) day period following the
Registration Period in immediately available federal funds by wire transfer to
an account Purchaser designates to the Company.  Notwithstanding
anything in this Agreement to the contrary, to the extent that the Company
issues Shares on more than one date of issuance to the Purchaser pursuant to the
terms of the Purchase Agreement, the terms of this Agreement shall apply to each
such issuance of Shares and the periods set forth above shall commence with
respect to each such issuance of Shares from the date on which each such
issuance occurs.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    The
Company shall use its best efforts to keep the Required Registration Statement
continuously effective for a period of two (2) years after the Registration
Statement first becomes effective, plus the number of days during which such
Registration Statement was not effective or usable pursuant to 2.3(e) or 2.3(i), or such
shorter period as will terminate when all of the Registrable Securities covered
by the Required Registration Statement have been disposed of in accordance with
the Required Registration Statement or have otherwise ceased to be Registrable
Securities.  In the event the Company shall give any notice pursuant
to Sections
2.3(e) or 2.3(i), the
additional time period mentioned in this Section 2.1 during
which the Required Registration Statement is to remain effective shall be
extended by the number of days during the period from and including the date of
the giving of such notice pursuant to Sections 2.3(e) or
2.3(i) to and
including the date the Purchaser covered by the Registration Statement shall
have received the copies of the supplemented or amended prospectus contemplated
by Sections
2.3(e).

     

    2.2           Current Public
Information.  The Company covenants that it will use its best
efforts to file all reports required to be filed by it under the Exchange Act
and the rules and regulations adopted by the SEC thereunder, and will use its
best efforts to take such further action as the Purchaser may reasonably
request, all to the extent required to enable the Purchaser to sell Registrable
Securities pursuant to Rule 144 or Rule 144A adopted by the SEC under the
Securities Act or any similar rule or regulation hereafter adopted by the
SEC.  The Company shall, upon the request of a the Purchaser, deliver
to the Purchaser a written statement as to whether it has complied with such
requirements during the twelve (12) month period immediately preceding the date
of such request.

     

               2.3           Registration
Procedures.  The Company will use its best efforts to effect
the registration of Registrable Securities pursuant to this Agreement in
accordance with the intended methods of disposition thereof, and pursuant
thereto the Company will as expeditiously as possible:

     

    (a)           before
filing the Registration Statement, the Company will furnish to the counsel
selected by the Purchaser a copy of such Registration Statement, and will
provide such counsel with all correspondence with the SEC regarding the
Registration Statement;

     

    (b)           prepare
and file with the SEC such amendments and supplements to such Registration
Statement and the prospectus used in connection therewith as may be necessary to
keep such Registration Statement effective for the period provided for in Section
2.1;

     

    (c)           furnish
to the Purchaser such number of copies of such Registration Statement, each
amendment and supplement thereto, the prospectus included in the Registration
Statement (including each preliminary prospectus) and such other documents as
the Purchaser may reasonably request in order to facilitate the disposition of
the Registrable Securities owned by the Purchaser;

     

    (d)           use
its best efforts to register or qualify such Registrable Securities under such
other state securities or blue sky laws as the Purchaser reasonably requests and
do any and all other acts and things which may be reasonably necessary or
advisable to enable the Purchaser to consummate the disposition in such
jurisdictions of the Registrable Securities owned by the Purchaser and to keep
each such registration or qualification (or exemption therefrom) effective
during the period which the Registration Statement is required to be kept
effective (provided, that the Company will not be required to (i) qualify
generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this subparagraph, (ii) subject itself to taxation
in any such jurisdiction, or (iii) consent to general service of process in any
such jurisdiction);

     

    (e)           notify
the Purchaser at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of
which the prospectus included in the Registration Statement contains an untrue
statement of a material fact or omits any fact necessary to make the statements
therein not misleading in the light of the circumstances under which they were
made, and, at the request of the Purchaser, the Company will as soon as possible
prepare and furnish to the Purchaser a reasonable number of copies of a
supplement or amendment to such prospectus so that, as thereafter delivered to
the purchasers of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any fact necessary to
make the statements therein not misleading in the light of the circumstances
under which they were made;

     

    (f)           cause
all such Registrable Securities to be listed on each securities exchange on
which similar securities issued by the Company are then listed and, if not so
listed, to be approved for trading on any automated quotation system of a
national securities association on which similar securities of the Company are
quoted;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (g)           provide
a transfer agent and registrar for all such Registrable Securities not later
than the effective date of such Registration Statement;

     

    (h)           enter
into such customary agreements (including, if applicable, underwriting
agreements) and take all other customary and appropriate actions as the
Purchaser or the underwriters, if any, reasonably request in order to expedite
or facilitate the disposition of such Registrable Securities;

     

    (i)           notify
the Purchaser of any stop order issued or threatened by the SEC or any pending
proceeding against the Company under Section 8A of the Securities Act in
connection with an offering of Registrable Securities;

     

    (j)           otherwise
comply with all applicable rules and regulations of the SEC, and make available
to its security holders, as soon as reasonably practicable, an earnings
statement covering the period of at least twelve (12) months beginning with the
first day of the Company’s first full calendar quarter after the effective date
of the Registration Statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158
thereunder;

     

    (k)           in
the event of the issuance of any stop order suspending the effectiveness of a
Registration Statement, or of any order suspending or preventing the use of any
related prospectus or suspending the qualification of any securities included in
such Registration Statement for sale in any jurisdiction, the Company will use
its best efforts to promptly obtain the withdrawal of such order;

     

    (l)           if
requested by the Purchaser, obtain one or more comfort letters, dated the
effective date of the Registration Statement (and, if such registration includes
an underwritten offering, dated the date of the closing under the underwriting
agreement), signed by the Company’s independent public accountants in customary
form and covering such matters of the type customarily covered by comfort
letters as the Purchaser reasonably requests;

     

    (m)           provide
a legal opinion of the Company’s outside counsel, dated the effective date of
such Registration Statement (and, if such registration includes an underwritten
offering, dated the date of the closing under the underwriting agreement), with
respect to the Registration Statement, each amendment and supplement thereto,
the prospectus included therein (including the preliminary prospectus) and such
other documents relating thereto in customary form and covering such matters of
the type customarily covered by legal opinions of such nature;

     

    (n)           subject
to execution and delivery of mutually satisfactory confidentiality agreements,
make available at reasonable times for inspection by the Purchaser, any managing
underwriter participating in any disposition of such Registrable Securities
pursuant to the Registration Statement, and any attorney, accountant or other
agent retained by the Purchaser or any managing underwriter, if any, during
normal business hours of the Company at the Company’s corporate office and
without unreasonable disruption of the Company’s business or unreasonable
expense to Company and solely for the purpose of due diligence with respect to
the Registration Statement, legally disclosable, financial and other records and
pertinent corporate documents of the Company reasonably requested by such
persons, and cause the Company’s employees and independent accountants to supply
all similar information reasonably requested by any the Purchaser, managing
underwriter, attorney, accountant or agent in connection with the Registration
Statement, as shall be reasonably necessary to enable them to exercise their due
diligence responsibility;

     

    (o)           cooperate
with the Purchaser and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in
connection with any filings required to be made with the Financial Industry
Regulatory Authority;

     

    (p)           file
all Registration Statements and any amendments and supplements thereto
electronically through the SEC's Edgar filing system; and

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (q)           take
all other steps reasonably necessary to effect the registration of the.
Registrable Securities contemplated hereby.

     

               2.4           Fees and
Expenses.  All expenses incident to the Company’s performance
of or compliance with this Agreement including, without limitation, all
registration and filing fees payable by the Company, fees and expenses of
compliance by the Company with securities or blue sky laws, printing expenses of
the Company, messenger and delivery expenses of the Company, and fees and
disbursements of counsel for the Company and all independent certified public
accountants of the Company, and other Persons retained by the Company will be
borne by the Company, and the Company will pay its internal expenses (including,
without limitation, all salaries and expenses of the Company’s employees
performing legal or accounting duties), the expense of any annual audit or
quarterly review, the expense of any liability insurance of the Company and the
expenses and fees for listing or approval for trading of the securities to be
registered on each securities exchange on which similar securities issued by the
Company are then listed or on any automated quotation system of a national
securities association on which similar securities of the Company are
quoted.  

     

               2.5           Indemnification.

     

    (a)           The
Company agrees to indemnify and hold harmless, to the fullest extent permitted
by law, the Purchaser and its general or limited partners, officers, directors,
members, managers, employees, advisors, representatives, agents and Affiliates
(collectively, the "Representatives") from and
against any loss, claim, damage, liability, attorney’s fees, cost or expense and
costs and expenses of investigating and defending any such claim (collectively,
the "Losses"), joint or
several, and any action in respect thereof to which the Purchaser or its
Representatives may become subject under the Securities Act or otherwise,
insofar as such Losses (or actions or proceedings, whether commenced or
threatened, in respect thereto) arise out of or are based upon (i) any breach by
the Company of any of its representations, warranties or covenants contained in
this Agreement, (ii) any untrue or alleged untrue statement of a material fact
contained in any Registration Statement, prospectus or preliminary or summary
prospectus or any amendment or supplement thereto, or (iii) any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and the Company
shall reimburse the Purchaser and its Representatives for any legal or any other
expenses incurred by them in connection with investigating or defending or
preparing to defend against any such Loss, action or proceeding; provided,
however, that the Company shall not be liable to the Purchaser or other
indemnitee in any such case to the extent that any such Loss (or action or
proceeding, whether commenced or threatened, in respect thereof) arises out of
or is based upon (x) an untrue statement or alleged untrue statement or omission
or alleged omission made in such Registration Statement, any such prospectus or
preliminary or summary prospectus or any amendment or supplement thereto in
reliance upon, and in conformity with, written information prepared and
furnished to the Company by the Purchaser or its Representatives expressly for
use therein and, with respect to any untrue statement or omission or alleged
untrue statement or omission made in any preliminary prospectus relating to the
Registration Statement, to the extent that a prospectus relating to the
Registrable Securities was required to be delivered by the Purchaser under the
Securities Act in connection with such purchase, there was not sent or given to
such person, at or prior to the written confirmation of the sale of such
Registrable Securities to such person, a copy of the final prospectus that
corrects such untrue statement or alleged untrue statement or omission or
alleged omission if the Company had previously furnished copies thereof to the
Purchaser or (y) use of a Registration Statement or the related prospectus
during a period when a stop order has been issued in respect of such
Registration Statement or any proceedings for that purpose have been initiated
or use of a prospectus when use of such prospectus has been suspended pursuant
to 2.3(e) or
2.3(i);
provided that in each case the Purchaser received prior written notice of such
stop order, initiation of proceedings or suspension from the
Company.  In no event, however, shall the Company be liable for
indirect, incidental or consequential or special damages of any
kind.  In connection with an underwritten offering, the Company will
indemnify such underwriters, their officers and directors and each Person who
controls such underwriters (within the meaning of the Securities Act) to the
same extent as provided above with respect to the indemnification of the
Purchaser.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (b)           In
connection with the filing of the Registration Statement by the Company pursuant
to this Agreement, the Purchaser will furnish to the Company in writing such
information as the Company reasonably requests for use in connection with such
Registration Statement and the related prospectus and, to the fullest extent
permitted by law, the Purchaser will indemnify and hold harmless the Company and
its Representatives from and against any Losses, severally but not jointly, and
any action in respect thereof to which the Company and its Representatives may
become subject under the Securities Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon (i) the purchase or sale of Registrable
Securities during a suspension as set forth in 2.3(e) or 2.3(i) in each case
after receipt of written notice of such suspension, (ii) any untrue or alleged
untrue statement of a material fact contained in the Registration Statement,
prospectus or preliminary or summary prospectus or any amendment or supplement
thereto, or (iii) any omission or alleged omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading,
but, with respect to clauses (ii) and (iii) above, only to the extent that such
untrue statement or omission is made in such Registration Statement, any such
prospectus or preliminary or summary prospectus or any amendment or supplement
thereto in reliance upon, and in conformity with, written information prepared
and furnished to the Company by the Purchaser expressly for use therein or by
failure of the Purchaser to deliver a copy of the Registration Statement or
prospectus or any amendments or supplements thereto, and the Purchaser will
reimburse the Company and each Representative for any legal or any other
expenses incurred by them in connection with investigating or defending or
preparing to defend against any such Loss, action or proceeding; provided,
however, that the Purchaser shall not be liable in any such case to the extent
that prior to the filing of any such Registration Statement or prospectus or
amendment or supplement thereto, the Purchaser has furnished in writing to the
Company information expressly for use in such Registration Statement or
prospectus or any amendment or supplement thereto that corrected or made not
misleading information previously furnished to the Company.  The
obligation of the Purchaser to indemnify the Company and its Representatives
shall be limited to the net proceeds received by the Purchaser from the sale of
Registrable Securities under such Registration Statement.  In no
event, however, shall the Purchaser be liable for indirect, incidental or
consequential or special damages of any kind.

     

    (c)           Promptly
after receipt by any Person in respect of which indemnity may be sought pursuant
to Section
2.5(a) or 2.5(b) (an "Indemnified Party") of notice
of any claim or the commencement of any action, the Indemnified Party shall, if
a claim in respect thereof is to be made against the Person against whom such
indemnity may be sought (an "Indemnifying Party"),
promptly notify the Indemnifying Party in writing of the claim or the
commencement of such action; provided that the failure to notify the
Indemnifying Party shall not relieve the Indemnifying Party from any liability
that it may have to an Indemnified Party under Section 2.5(a) or
2.5(b) except
to the extent of any actual prejudice resulting therefrom.  If any
such claim or action shall be brought against an Indemnified Party, and it shall
notify the Indemnifying Party thereof, the Indemnifying Party shall be entitled
to participate therein, and, to the extent that it wishes, jointly with any
other similarly notified Indemnifying Party, to assume the defense thereof with
counsel reasonably satisfactory to the Indemnified Party. After notice from the
Indemnifying Party to the Indemnified Party of its election to assume the
defense of such claim or action, the Indemnifying Party shall not be liable to
the Indemnified Party for any legal or other expenses subsequently incurred by
the Indemnified Party in connection with the defense thereof other than
reasonable costs of investigation; provided that the Indemnified Party shall
have the right to employ separate counsel to represent the Indemnified Party and
its Representatives who may be subject to liability arising out of any claim in
respect of which indemnity may be sought by the Indemnified Party against the
Indemnifying Party, but the fees and expenses of such counsel shall be for the
account of such Indemnified Party unless (i) the Indemnifying Party and the
Indemnified Party shall have mutually agreed to the retention of such counsel or
(ii) in the written opinion of counsel to such Indemnified Party, representation
of both parties by the same counsel would be inappropriate due to actual or
potential conflicts of interest between them, it being understood, however, that
the Indemnifying Party shall not, in connection with any one such claim or
action or separate but substantially similar or related claims or actions in the
same jurisdiction arising out of the same general allegations or circumstances,
be liable for the fees and expenses of more than one separate firm of attorneys
(together with appropriate local counsel) at any time for all Indemnified
Parties.  No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, effect any settlement of any claim or pending
or threatened proceeding in respect of which the Indemnified Party is or could
have been a party and indemnity could have been sought hereunder by such
Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability arising out of such claim or
proceeding other than the payment of monetary damages by the Indemnifying Party
on behalf of the Indemnified Party.  Whether or not the defense of any
claim or action is assumed by the Indemnifying Party, such Indemnifying Party
will not be subject to any liability for any settlement made without its
consent, which consent will not be unreasonably withheld.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (d)           If
the indemnification provided for in this Section 2.5 is
unavailable to the Indemnified Parties in respect of any Losses referred to
herein, then each Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such Losses in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and the Purchaser on
the other from the offering of the Registrable Securities, or if such allocation
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits but also the relative fault of the
Company on the one hand and the Purchaser on the other in connection with the
statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. The relative fault of the Company on the one
hand and of the Purchaser on the other shall be determined by reference to,
among other things, whether any action taken, including any untrue or alleged
untrue statement of a material fact, or the omission or alleged omission to
state a material fact relates to information supplied by such party, and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

     

    The
Company and the Purchaser agree that it would not be just and equitable if
contribution pursuant to this Section 2.5(d) were
determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to in the immediately
preceding paragraph.  The amount paid or payable by an Indemnified
Party as a result of the Losses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending any such action or
claim.  Notwithstanding the provisions of this Section 2.5, the
Purchaser shall not be required to contribute any amount in excess of the amount
by which the total price at which the Registrable Securities of the Purchaser
were offered to the public exceeds the amount of any Losses which the Purchaser
has otherwise paid by reason of such untrue or alleged untrue statement or
omission or alleged omission.  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11 (f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.  The Purchaser’s obligations to
contribute pursuant to this Section 2.5 is
several in the proportion that the proceeds of the offering received by the
Purchaser bears to the total proceeds of the offering received by the
Purchaser.  The indemnification provided by this Section 2.5 shall be
a continuing right to indemnification with respect to sales of Registrable
Securities and shall survive the registration and sale of any Registrable
Securities by the Purchaser and the expiration or termination of this
Agreement.  The indemnity and contribution agreements contained herein
are in addition to any liability that any Indemnifying Party might have to any
Indemnified Party.

     

               2.6           Participation in
Registrations.

     

    (a)           No
Person may participate in any registration hereunder that is underwritten unless
such Person (i) agrees to sell such Person’s securities on the basis provided in
any underwriting arrangements approved by the Person or Persons entitled
hereunder to approve such arrangements and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements and this Agreement.

     

    (b)           Each
Person that is participating in any registration under this Agreement agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 2.3(e) or
2.3(i) above,
such Person will forthwith discontinue the disposition of its Registrable
Securities pursuant to the Registration Statement and all use of the
Registration Statement or any prospectus or related document until such Person’s
receipt of the copies of a supplemented or amended prospectus as contemplated by
such Section
2.3(e) and, if so directed by the Company, will deliver to the Company
(at the Company’s expense) all copies, other than permanent file copies, then in
the Purchaser’s possession of such documents at the time of receipt of such
notice.  Furthermore, the Purchaser agrees that if the Purchaser uses
a prospectus in connection with the offering and sale of any of the Registrable
Securities, the Purchaser will use only the latest version of such prospectus
provided by Company.

     

    ARTICLE
3

    Transfers
of Certain Rights

     

    3.1           Transfer.  The
rights granted to the Purchaser under this Agreement are non-transferable except
in connection with a transfer of Registrable Securities in accordance with the
terms and conditions of the Purchase Agreement, provided that any such transfer
shall be subject to the provisions of Sections 3.2 and
3.3; provided
further that nothing contained herein shall be deemed to permit an assignment,
transfer or disposition of the Registrable Securities in violation of applicable
law.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

               3.2           Transferees.  Any
permitted transferee to whom rights under this Agreement are transferred shall,
as a condition to such transfer, deliver to the Company a written instrument by
which such transferee agrees to be bound by the obligations imposed upon the
Purchaser under this Agreement to the same extent as if such transferee were a
Purchaser hereunder.

     

               3.3           Subsequent
Transferees.  A transferee to whom rights are transferred
pursuant to this Section 3 may not
again transfer such rights to any other person or entity, other than as provided
in Sections 3.1
or 3.2
above.

     

    ARTICLE
4

    Miscellaneous

     

               4.1           Recapitalizations,
Exchanges, etc.  The provisions of this Agreement shall apply
to the full extent set forth herein with respect to (i) the Registrable
Securities, (ii) any and all shares of Common Stock into which the Registrable
Securities are converted, exchanged or substituted in any recapitalization or
other capital reorganization by the Company, and (iii) any and all equity
securities of the Company or any successor or assign of the Company (whether by
merger, consolidation, sale of assets or otherwise) that may be issued in
respect of, in conversion of, in exchange for or in substitution of, the
Registrable Securities and shall be appropriately adjusted for any stock
dividends, splits, reverse splits, combinations, recapitalizations and the like
occurring after the date hereof. The Company shall cause any successor or assign
(whether by merger, consolidation, sale of assets or otherwise) to enter into a
new registration rights agreement with the Purchaser on terms substantially the
same as this Agreement as a condition of any such transaction.

     

               4.2           No Inconsistent
Agreements.  The Company has not and shall not enter into any
agreement with respect to its securities that is inconsistent with the rights
granted to the Purchaser in this Agreement.  The Parties acknowledge
and agree that the Company may grant registration rights hereafter, which shall
be pari passu with the registration rights of the Purchaser, and shall not be
deemed to conflict with this covenant.

     

               4.3           Amendments and
Waivers.  The provisions of this Agreement may be amended and
the Company may take action herein prohibited, or omit to perform any act herein
required to be performed by it, if, but only if, the Company has obtained the
written consent of the Purchaser.

     

               4.4           Severability.  Whenever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement shall be held to be prohibited by or invalid wider applicable law,
such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

     

               4.5           Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

     

               4.6           Notices.  All
notices, requests and other communications to any party hereunder shall be in
writing (including facsimile or similar writing) and shall be deemed given or
made as of the date delivered, if delivered personally or by facsimile (provided
that delivery by facsimile shall be followed by delivery of an additional copy
personally, by mail or overnight courier), one day after being delivered by
overnight courier or four business days after being mailed by registered or
certified mail (postage prepaid for the most expeditious form of delivery,
return receipt requested), to the parties at the following addresses (or to such
other address or facsimile number as a party may have specified by notice given
to the other party pursuant to this provision):

     

    If to the
Company, to:

     

    Northern
Oil and Gas, Inc.

    315
Manitoba Avenue – Suite 200

    Wayzata,
Minnesota 55391

    Attention:  Chief
Executive Officer

    

    Telephone:                      (952)
476-9800

    Facsimile:                      (952)
476-9801

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    If to a
Purchaser, to:

    

    The
address or facsimile number of the Purchaser set forth

    on the
signature page of this Agreement.

    

     

    4.7           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Minnesota, notwithstanding any conflict
of law provision to the contrary.

     

    4.8           Forum; Service of
Process.  Any legal suit, action or proceeding brought by any
party or any of its Affiliates arising out of or based upon this Agreement shall
be instituted in any federal or state court in the State of Minnesota, and each
party waives any objection which it may now or hereafter have to the laying of
venue or any such proceeding, and irrevocably submits to the jurisdiction of
such courts in any such suit, action or proceeding.

     

    4.9           Captions.  The
captions, headings and arrangements used in this Agreement are for convenience
only and do not in any way limit or amplify the terms and provisions
hereof.

     

    4.10           No
Prejudice.  The terms of this Agreement shall not be construed
in favor of or against any party on account of its participation in the
preparation hereof.

     

    4.11           Words in Singular and Plural
Form.  Words used in the singular form in this Agreement shall
be deemed to import the plural, and vice versa, as the sense may
require.

     

    4.12           Remedy for
Breach.  The Company hereby acknowledges that in the event of
any breach or threatened breach by the Company of any of the provisions of this
Agreement, the Purchaser would have no adequate remedy at law and could suffer
substantial and irreparable damage.  Accordingly, the Company hereby
agrees that, in such event, the Purchaser shall be entitled, and notwithstanding
any election by the Purchaser to claim damages, to obtain a temporary and/or
permanent injunction to restrain any such breach or threatened breach or to
obtain specific performance of any such provisions, all without prejudice to any
and all other remedies that the Purchaser may have at law or in
equity.

     

    4.13           Successors and Assigns,
Third Party Beneficiaries.  This Agreement and all of the
provisions hereof shall be binding upon and inure to the benefit of the parties
hereto, each assignee of the Purchaser permitted pursuant to Article 3 and their
respective permitted successors and assigns and executors, administrators and
heirs.

     

    4.14           Entire
Agreement.  This Agreement sets forth the entire agreement and
understanding between the parties as to the subject matter hereof and merges and
supersedes all prior discussions, agreements and understandings of any and every
nature among them.

     

    4.15           Attorneys’
Fees.  In the event of any action or suit based upon or arising
out of any actual or alleged breach by any party of any representation,
warranty, covenant or agreement in this Agreement, the prevailing party shall be
entitled to recover its reasonable attorneys’ fees and expenses of such action
or suit from the other party in addition to any other relief ordered by any
court.

     

    4.16           Termination of
Rights.  Upon the expiration of the Registration Period all
rights of the Purchaser under Section 2.1 of this
Agreement will terminate.  All rights under this Agreement will
terminate when the Purchaser no longer hold any Registrable
Securities.

     

    4.17           Force
Majeure.  Notwithstanding anything to the contrary in this
Agreement, no party to this Agreement will be liable for any failure or delay in
its performance under this Agreement due to any cause beyond its reasonable
control, including natural disasters, war, embargo, riot, sabotage, labor
shortage, act of terrorism, or governmental act, provided that the delayed party
(a) gives the other parties prompt notice of such cause, and (b) uses reasonable
commercial efforts to correct promptly such failure or delay in
performance.

    

    [Signature
Page Follows]

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed as of the date and year first written
above.

    

    COMPANY:

    

    NORTHERN
OIL & GAS, INC.

    

     

    By:   /s/ Michael L.
Reger

    Title:
  Chief
Executive Officer

     

    PURCHASER:

    

    DEEPHAVEN
MCF ACQUISITION LLC

    BY:
DEEPHAVEN CAPITAL MANAGEMENT LLC

    ITS:
MANAGING MEMBER

    

       /s/ Dax
Atkinson                                                                           

     

    By:   Dax
Atkinson

     

    Title:   Assistant
Secretary

    ADDRESS:                      130
Cheshire Lane, Suite 102

    Minnetonka,
MN  55305

    

    Telephone:
(952) 249-5700

    Facsimile:
(952) 249-5320

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              Exhibit
      A

            

    

    

    See
attached agreement, dated as of April 14, 2008, by and between Deephaven MCF
Acquisition LLC and Northern Oil and Gas, Inc.

    

     

    

     

    

     

    
      
         

      

      
        11

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