There are dozens of solid energy companies profiting from America's energy boom. Each offers its own unique way to play the boom. Some like EOG Resources (NYSE:EOG) are well positioned in all three basins leading the oil boom. Others like Continental Resources (NYSE:CLR) dominate a core area and are just now starting to invest in new emerging basins. Finally, there are those companies solely focused on one basin like Kodiak Oil & Gas (NYSE:KOG). All of these companies offer unique risks and rewards, but none are as unique as the company I'm about to talk about.

Northern Oil & Gas (NYSEMKT:NOG) is unique in that it offers an almost EFT-like approach to investing in the growth of the Bakken Shale. The company takes small nonoperated stakes in a number of wells, enabling it to spread its risk across a number of operators. As the slide below shows, an investment in Northern Oil & Gas is one in the wells of nearly all of the Bakken's top drillers.

Northern Oil Gas Bakken

Source: Northern Oil & Gas Investor Presentation (link opens a PDF)

This approach spreads the risk around so that an investor can invest purely in the growth of oil production in the Bakken without the operational and financial risks that a Bakken-focused driller brings. For example, Kodiak Oil & Gas has a pretty aggressive drilling plan as it spends more than it makes each year to drill new wells. If the price of oil were to slump, or Kodiak's operations are severely affected by the weather or even a bad well, its stock could take a big hit. But by investing in Northern Oil & Gas that risk is spread out into wells of EOG Resources, Continental Resources, and a host of other operators. That's what makes Northern Oil & Gas such a unique Bakken play. 

Northern Oil & Gas' unique business model is pretty simple. The chart below shows its approach to recycling capital in order to keep growing.

Northern Oil Gas Business Model

Source: Northern Oil & Gas Investor Presentation

That model has proved to be very reliable. Proved reserves, oil and gas revenue, and adjusted EBITDA all continue to grow.

Not only that, but Northern's model provides it with a steady deal flow. Drillers like EOG Resources and Continental Resources are always looking for more capital to fund new wells. These peers know that Northern has the capital to take a small nonoperated position in these wells. Because of this, drillers come to Northern and offer it an opportunity to participate in future wells.

Bottom line, Northern Oil & Gas is a solid choice for investors looking for a unique way to play the growth of the Bakken. Its business model is lower risk as it offers almost ETF-like characteristics as its investments are spread across multiple wells from many of America's top drillers. That has the company well positioned to profit from America's energy boom.

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Fool contributor Matt DiLallo has no position in any stocks mentioned. The Motley Fool owns shares of EOG Resources. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.