![NOG logo on smartphone.](/sites/default/files/styles/hart_news_article_image_640/public/image/2022/12/shutterstock-1924597184.jpg?itok=wgB6yW3G)
Northern Oil and Gas Inc. logo on a smart phone.
Northern Oil and Gas Inc. (NOG) closed its previously announced deal with a private seller of non-operated interests in the Northern Delaware Basin for $131.6 million in cash, the company announced in a press release Dec. 19.
The acquisition was announced with a $13 million deposit in October and is the third Permian Basin acquisition since August, adding to NOG’s $400 million of Permian Basin acquisitions in 2022.
RELATED
NOG Tacks Another Northern Delaware Basin Bolt-on for $130 Million
Spanning roughly 2,100 net acres, the assets are primarily operated by privately held Mewbourne Oil Co., with production expected to total approximately 2,500 boe/d in 2023. Coterra Energy Inc. and Permian Resource Corp. are also operators of the assets.
With an effective date of Nov. 1, 2022, the acquisition is anticipated to add an approximated $55 million of unhedged cash flow in 2023 as of Oct. 10.
The closing cash settlement is a net of preliminary and customary purchase price adjustments and is subject to post-closing settlements between NOG and the seller.
Recommended Reading
Liberty Energy Warns of ‘Softer’ E&P Activity to Finish 2024
2024-07-18 - Service company Liberty Energy Inc. upped its EBITDA 12% quarter over quarter but sees signs of slowing drilling activity and completions in the second half of the year.
Upstream, Midstream Dividends Declared in the Week of July 8, 2024
2024-07-11 - Here is a selection of upstream and midstream dividends declared in the week of July 8.
Trio Chairman Robin Ross Named CEO Less Than a Month After Return
2024-07-15 - Robin Ross, who last month returned to Trio Petroleum as board chair, has been named CEO while predecessor Michael Peterson will remain as a consultant.
Equinor Subsidiary Contracts Valaris Drillship Offshore Brazil
2024-07-22 - Valaris and Equinor Energy do Brasil’s multi-year contract is valued at approximately $498 million.
Archrock Offers Common Stock to Help Pay for TOPS Transaction
2024-07-23 - Archrock, which agreed to buy Total Operations and Production Services (TOPS) in a cash-and-stock transaction, said it will offer 11 million shares of its common stock at $21 per share.