Touche

Northern Oil and Gas, Inc. Announces Appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm

WAYZATA, Minn., April 28, 2011 /PRNewswire/ -- Northern Oil and Gas, Inc. (NYSE/AMEX: NOG) ("Northern Oil") announced today that on April 26, 2011, the Audit Committee of the Board of Directors approved the engagement of Deloitte & Touche LLP ("Deloitte") as Northern Oil's independent registered public accounting firm for the fiscal year ended December 31, 2011. As a result, Northern Oil dismissed its former independent registered public accounting firm, Mantyla McReynolds LLC ("Mantyla McReynolds").

Chief Executive Officer Michael Reger commented, "With the significant growth Northern Oil has experienced in the past four years, we believe the addition of a big four accounting firm, coupled with our petroleum engineering firm Ryder Scott Co LP, provides Northern Oil a sound foundation for continued success in the years to come. Northern Oil is excited to welcome Deloitte as its new auditors and appreciates the commitment and accounting expertise provided by Mantyla McReynolds in the past."

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil's core area of focus is the Williston Basin Bakken and Three Forks trend in North Dakota and Montana. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this report regarding our financial position, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this report, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "anticipate," "target," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about, actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our Company's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which our Company conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our Company's operations, products, services and prices.

We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.

CONTACT:
Investor Relations
Erik Nerhus
952-476-9800

SOURCE Northern Oil and Gas, Inc.

http://www.prnewswire.com/news-releases/northern-oil-and-gas-inc-announces-appointment-of-deloitte--touche-llp-as-independent-registered-public-accounting-firm-120850689.html


Navistar Sues Its Former Auditor Deloitte & Touche

Navistar International Corp. (NAV), a maker of medium- and heavy-duty trucks, accused its former auditor Deloitte & Touche LLP of professional malpractice in a lawsuit seeking $500 million in damages.

Navistar claimed shoddy work by Deloitte & Touche accountants from 2002 to 2005 forced the company to revise its financial statements, according to a 134-page complaint filed today in Illinois state court in Chicago.

“Deloitte lied to Navistar and, on information and belief, to Deloitte’s other audit clients, as to the competency of its audit and accounting services,” the Warrenville, Illinois-based truckmaker alleged in its complaint.

Deloitte & Touche, based in New York, functioned as an auditor, accountant and adviser to Navistar for almost a century, a relationship that ended in April 2006, according to the complaint.

Navistar said in April 2006 that its restatements for 2002 through the third quarter of 2005 were related to warranties and product-development programs at suppliers. It also said it was replacing Deloitte with KPMG LLP. The restatements were made in 2007.

In its complaint today, the truck maker accused its former auditor of fraud, fraudulent concealment, breach of contract and malpractice relating to the advice and auditing services Deloitte gave Navistar.

Jonathan Gandal, a spokesman for Deloitte, said Navistar’s claims lack merit and that the firm would vigorously defend itself.
‘Utterly False’

“A preliminary review shows it to be an utterly false and reckless attempt to try to shift responsibility for the wrongdoing of Navistar’s own management,” Gandal said in an e-mailed statement. “Several members of Navistar’s past or present management team were sanctioned by the SEC for the very matters alleged in the complaint.”

The U.S. Securities and Exchange Commission last year said the truck company had resolved an agency investigation into its accounting practices under which Navistar wasn’t required to admit or deny the SEC’s findings.

“Navistar had numerous deficiencies throughout its system of internal controls during the relevant period, including fifteen material weaknesses during 2005-06 that were attributable, in part, to the company’s failure to dedicate sufficient resources to those controls,” according to the SEC.

Chief Executive Officer Daniel Ustian agreed to surrender to Navistar shares worth $1.3 million, while former Chief Financial Officer Robert C. Lannert consented to repay $1.05 million, each sum reflecting monetary bonuses they’d received during the restatement period, the SEC said. Four other company executives paid civil penalties without admitting liability.

Navistar rose $1.45, or 2.1 percent, to $70.17 in New York Stock Exchange composite trading. Earlier in the day it reached a 52-week high of $71.49.

The case is Navistar International Corp. v. Deloitte & Touche LLP, 2011L004269, Cook County, Illinois, Circuit Court, Law Division (Chicago).

http://www.bloomberg.com/news/2011-04-26/navistar-sues-ex-auditor-deloitte-for-500-million-over-malpractice-claim.html