Billings Native Fired by Northern Oil and Gas
Billings native Michael Reger, the co-founder of Northern Oil and Gas Inc. has been fired by the company as chief executive officer in the wake of an investigation by the Securities and Exchange Commission. The company announced that Reger was named by the SEC in an ongoing investigation related to trading patterns of Dakota Plains Holdings, Inc., an oil transport company.
Reger has filed a wrongful termination lawsuit against the Minnesota-based energy company and is seeking a severance package. Reger was an initial investor in Dakota Plains in 2008, and the SEC alleges that Reger’s involvement with Dakota Plains violates federal securities law. Northern Oil and Gas said it will cooperate with the SEC investigation.
The Minneapolis Star Tribune first reported on Reger’s wrongful termination suit against Northern Oil and Gas. Northern has named Thomas Stoelk, chief financial officer, as its interim leader in the wake of Reger’s termination.