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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 9pt Arial; color: Red"><B></B></FONT><B><FONT STYLE="font-size: 18pt">UNITED STATES</FONT></B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 10, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOYAGER OIL&nbsp;&amp; GAS,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 32%; vertical-align: top; font-size: 10pt; font-weight: bold; text-align: center">Montana</TD>
    <TD STYLE="width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: top; font-size: 10pt; font-weight: bold; text-align: center">0-50848</TD>
    <TD STYLE="width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 32%; vertical-align: top; font-size: 10pt; font-weight: bold; text-align: center">77-0639000</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">(State or other jurisdiction of<BR> incorporation)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2718 Montana Ave., Suite&nbsp;220<BR>
Billings, MT 59101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices, including
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(406) 245-4902</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form&nbsp;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 2%; font: 10pt Wingdings">o</TD>
    <TD STYLE="width: 98%; font-size: 10pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01 Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On February 10, 2012, Voyager Oil &amp; Gas, Inc., a Montana corporation
(&ldquo;Voyager&rdquo; or the &ldquo;Company&rdquo;), entered into a credit agreement (the &ldquo;Credit Agreement&rdquo;) with
Macquarie Bank Limited (&ldquo;Macquarie&rdquo;), as Administrative Agent, and the Lenders party thereto. The Credit Agreement
provides for (a) a senior secured revolving loan (the &ldquo;Revolving Loan&rdquo;) in an amount not to exceed $100,000,000 with
an initial borrowing base of $15,000,000 and (b) a senior secured term loan (the &ldquo;Term Loan&rdquo;) in an amount not to exceed
$50,000,000. Amounts owed under both the Revolving Loan and the Term Loan are referred to herein as the &ldquo;Loan.&rdquo; Subject
to certain conditions in the Credit Agreement, amounts repaid with respect to the Revolving Loan may be re-borrowed on a revolving
basis until the Revolving Loan matures. Amounts repaid under the Term Loan cannot be re-borrowed. The Revolving Loan and the Term
Loan each mature on February 10, 2015, and upon such date, any amounts outstanding on the Loan are due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Advances under the Term Loan bear interest at a rate per annum equal
to the lesser of (a) the London Interbank Offered Rate (&ldquo;LIBOR&rdquo;) plus 7.5% and (b) the maximum interest rate allowed
by any current or future law. Advances under the Revolving Loan bear interest at a rate per annum, at the Company&rsquo;s option,
dependent on whether the Revolving Loan is a Base Rate Loan or a LIBOR Loan. A Base Rate Loan bears interest at a rate per annum
equal to the lesser of (a) the &ldquo;prime rate&rdquo; (which is the greater of (i) the prime rate of interest specified by the
Wall Street Journal and (ii) the Federal Funds Rate plus 5.5% per annum) plus a margin ranging from 1.75% to 2.25%, and (b) the
maximum interest rate allowed by any current or future law. A LIBOR Loan bears interest at a rate per annum equal to the lesser
of (a) LIBOR plus a margin ranging from 2.75% to 3.25%, and (b) the maximum interest rate allowed by any current or future law.
Such margins for Base Rate Loans and LIBOR Loans fluctuate based on the Company&rsquo;s utilization of the Revolving Loan. With
certain exceptions, interest is generally due and payable on a monthly basis. Voyager will also pay a commitment fee on the daily
unused portion of the Revolving Loan of 0.50% per annum and a non-refundable advance fee to Macquarie equal to 1.0% of the advance
amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Credit Agreement is secured by substantially all of Voyager&rsquo;s
assets. Voyager also entered into a hedge agreement with Macquarie secured by the same collateral under the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Credit Agreement contains customary covenants that include, among
other things, limitations on the ability of the Company to: incur or guarantee additional indebtedness; create liens; pay dividends
on or repurchase stock; make certain types of investments; enter into transactions with affiliates; and sell assets or merge with
other companies. The Credit Agreement also requires compliance with certain financial covenants, including, commencing March 31,
2012, (1) a ratio of current assets to current liabilities of at least 1.00 to 1.00, (2) a maximum ratio of debt to EBITDA for
the preceding four fiscal quarters of no more than 3.50 to 1.00 when there have been any outstanding advances under the Term Loan
for the most recent quarter, and (3) an interest coverage ratio of at least 2.50 to 1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Voyager utilized initial borrowings under the Revolving Loan to
repay all of the $15,000,000 of senior secured promissory notes held by various note holders. Amounts borrowed under the Term Loan
will be utilized by Voyager for its ongoing business operations, including the development and acquisition of properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of the Credit Agreement is filed herewith as Exhibit 10.01
and incorporated herein by reference. The foregoing summary of the terms of the Credit Agreement does not purport to be complete
and is qualified by reference to the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.2 Termination of a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In connection with the closing under the Credit Agreement, on February
10, 2012, the Company repaid all of the principal and accrued interest of $15,000,000 of senior secured promissory notes held by
various note holders that were issued in September 2010. The description of the senior secured promissory notes set forth under
the caption &ldquo;Senior Secured Promissory Notes&rdquo; in Note 7 to the Consolidated Financial Statements in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2010 is incorporated herein by reference. The termination and repayment
of the senior secured promissory notes was a closing condition under the terms of the Credit Agreement. There were no termination
penalties incurred by the Company in connection with the termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The information set forth in Item 1.01 above is incorporated by
reference into this Item 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>Item 9.01&nbsp; Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&#9;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; text-decoration: underline">Exhibit No.</TD>
    <TD STYLE="width: 91%; padding-right: 5.4pt; padding-left: 0pt; font-size: 10pt; font-weight: bold; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-size: 10pt">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; font-size: 10pt">Credit Agreement dated as of February 10, 2012, among Voyager Oil &amp; Gas, Inc., as Borrower, Macquarie Bank Limited, as Administrative Agent, and the Lenders party thereto.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this report on Form&nbsp;8-K to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 45%; font-size: 10pt">VOYAGER OIL&nbsp;&amp; GAS,&nbsp;INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Date: February 15, 2012</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt">/s/ Mitchell R. Thompson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Mitchell R. Thompson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="width: 8%; vertical-align: top; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold">Exhibit&nbsp;No.</TD>
    <TD STYLE="width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 91%; vertical-align: top; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">ITEM</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">10.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Credit Agreement dated as of February 10, 2012, among Voyager Oil &amp; Gas, Inc., as Borrower, Macquarie Bank Limited, as Administrative Agent, and the Lenders party thereto.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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{"company-data": {"conformed-name": "Voyager Oil & Gas, Inc.", "cik": "0001283843", "assigned-sic": "1311", "irs-number": "770639000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-35097", "film-number": "12616640"}, "business-address": {"street1": "2718 MONTANA AVENUE", "street2": "SUITE 220", "city": "BILLINGS", "state": "MT", "zip": "59101", "phone": "406-245-4902"}, "mail-address": {"street1": "2718 MONTANA AVENUE", "street2": "SUITE 220", "city": "BILLINGS", "state": "MT", "zip": "59101"}, "former-company": [{"former-conformed-name": "ante4, Inc", "date-changed": "20091106"}, {"former-conformed-name": "WPT ENTERPRISES INC", "date-changed": "20040316"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 10, 2012
VOYAGER OIL & GAS, INC.
(Exact name of registrant as specified in its
charter)
Montana
0-50848
77-0639000
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
2718 Montana Ave., Suite 220
Billings, MT 59101
(Address of principal executive offices, including
zip code)
(406) 245-4902
(Registrant's telephone number, including
area code)
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On February 10, 2012, Voyager Oil & Gas, Inc., a Montana corporation
("Voyager" or the "Company"), entered into a credit agreement (the "Credit Agreement") with
Macquarie Bank Limited ("Macquarie"), as Administrative Agent, and the Lenders party thereto. The Credit Agreement
provides for (a) a senior secured revolving loan (the "Revolving Loan") in an amount not to exceed $100,000,000 with
an initial borrowing base of $15,000,000 and (b) a senior secured term loan (the "Term Loan") in an amount not to exceed
$50,000,000. Amounts owed under both the Revolving Loan and the Term Loan are referred to herein as the "Loan." Subject
to certain conditions in the Credit Agreement, amounts repaid with respect to the Revolving Loan may be re-borrowed on a revolving
basis until the Revolving Loan matures. Amounts repaid under the Term Loan cannot be re-borrowed. The Revolving Loan and the Term
Loan each mature on February 10, 2015, and upon such date, any amounts outstanding on the Loan are due and payable.
Advances under the Term Loan bear interest at a rate per annum equal
to the lesser of (a) the London Interbank Offered Rate ("LIBOR") plus 7.5% and (b) the maximum interest rate allowed
by any current or future law. Advances under the Revolving Loan bear interest at a rate per annum, at the Company's option,
dependent on whether the Revolving Loan is a Base Rate Loan or a LIBOR Loan. A Base Rate Loan bears interest at a rate per annum
equal to the lesser of (a) the "prime rate" (which is the greater of (i) the prime rate of interest specified by the
Wall Street Journal and (ii) the Federal Funds Rate plus 5.5% per annum) plus a margin ranging from 1.75% to 2.25%, and (b) the
maximum interest rate allowed by any current or future law. A LIBOR Loan bears interest at a rate per annum equal to the lesser
of (a) LIBOR plus a margin ranging from 2.75% to 3.25%, and (b) the maximum interest rate allowed by any current or future law.
Such margins for Base Rate Loans and LIBOR Loans fluctuate based on the Company's utilization of the Revolving Loan. With
certain exceptions, interest is generally due and payable on a monthly basis. Voyager will also pay a commitment fee on the daily
unused portion of the Revolving Loan of 0.50% per annum and a non-refundable advance fee to Macquarie equal to 1.0% of the advance
amount.
The Credit Agreement is secured by substantially all of Voyager's
assets. Voyager also entered into a hedge agreement with Macquarie secured by the same collateral under the Credit Agreement.
The Credit Agreement contains customary covenants that include, among
other things, limitations on the ability of the Company to: incur or guarantee additional indebtedness; create liens; pay dividends
on or repurchase stock; make certain types of investments; enter into transactions with affiliates; and sell assets or merge with
other companies. The Credit Agreement also requires compliance with certain financial covenants, including, commencing March 31,
2012, (1) a ratio of current assets to current liabilities of at least 1.00 to 1.00, (2) a maximum ratio of debt to EBITDA for
the preceding four fiscal quarters of no more than 3.50 to 1.00 when there have been any outstanding advances under the Term Loan
for the most recent quarter, and (3) an interest coverage ratio of at least 2.50 to 1.00.
Voyager utilized initial borrowings under the Revolving Loan to
repay all of the $15,000,000 of senior secured promissory notes held by various note holders. Amounts borrowed under the Term Loan
will be utilized by Voyager for its ongoing business operations, including the development and acquisition of properties.
A copy of the Credit Agreement is filed herewith as Exhibit 10.01
and incorporated herein by reference. The foregoing summary of the terms of the Credit Agreement does not purport to be complete
and is qualified by reference to the Credit Agreement.
Item 1.2 Termination of a Material Definitive Agreement.
In connection with the closing under the Credit Agreement, on February
10, 2012, the Company repaid all of the principal and accrued interest of $15,000,000 of senior secured promissory notes held by
various note holders that were issued in September 2010. The description of the senior secured promissory notes set forth under
the caption "Senior Secured Promissory Notes" in Note 7 to the Consolidated Financial Statements in the Company's
Annual Report on Form 10-K for the year ended December 31, 2010 is incorporated herein by reference. The termination and repayment
of the senior secured promissory notes was a closing condition under the terms of the Credit Agreement. There were no termination
penalties incurred by the Company in connection with the termination.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by
reference into this Item 2.03.
Item 9.01  Financial Statements and Exhibits.
(d)	Exhibits.
Exhibit No.
Description
10.1
Credit Agreement dated as of February 10, 2012, among Voyager Oil & Gas, Inc., as Borrower, Macquarie Bank Limited, as Administrative Agent, and the Lenders party thereto.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto
duly authorized.
VOYAGER OIL & GAS, INC.
Date: February 15, 2012
By:
/s/ Mitchell R. Thompson
Mitchell R. Thompson
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
ITEM
10.1
Credit Agreement dated as of February 10, 2012, among Voyager Oil & Gas, Inc., as Borrower, Macquarie Bank Limited, as Administrative Agent, and the Lenders party thereto.