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

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

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

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

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About Northern Oil and Gas, Inc.

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

About CIT

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

CIT Group Inc.
CIT MEDIA RELATIONS:
C. Curtis Ritter, 212-461-7711
Vice President
Director of External Communications & Media Relations
Curt.Ritter@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com

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