X0303 4 2011-05-27 0001283843 Voyager Oil & Gas, Inc. VOG 0001506129 Sherman Josh 2718 MONTANA AVENUE SUITE 220 BILLINGS MT 59101 1 0 0 0 Stock Option (right to buy) 3.70 2020-11-12 Common Stock 100000 100000 D Stock Option (right to buy) 3.70 2010-11-12 Common Stock 50000 50000 D Stock Option (right to buy) 3.00 2011-05-27 4 A 0 25000 0 A 2021-05-27 Common Stock 25000 25000 D 25,000 shares vest on each of 11/12/11, 11/12/12, 11/12/13 and 11/12/14. 12,500 shares vest on each of 11/12/11, 11/12/12, 11/12/13 and 11/12/14. 25,000 shares vest on 5/27/15. /s/ Thomas P. Steichen as Attorney-in-Fact for Josh Sherman pursuant to Power of Attorney filed herewith. 2011-05-27